Is the financial sector shifting their attitude towards Digital Assets?

In the last few months we have seen a number of senior people from the financial services sector moving across to organisations that are active in the digital assets sector. Possibly the most significant is the ex head of HSBC legal Stuart Levey who is now going to to head up Libra as its CEO ( the organisations that facebook helped to establish).

Given Levey was Under Secretary for Terrorism and Financial Intelligence for the U.S. Treasury for 7 years he will be well aware of what governments are looking for and no doubt will be trying to position Libra to be acceptable.

Libra encountered considerable controversy when it was first launched as governments were concerned with nearly 2 billion active monthly users that Libra could start to challenge even the mighty greenback (US$) if Facebook started promoting Libra as a payment mechanism for its users and the millions of firms that advertise on Facebook.

Is the financial sector shifting their attitude towards Digital Assets?

Another big hitter to be converted in this case to Bitcoin the worlds biggest Crypto currency is  Paul Tudor Jones, hedge fund manager ,who was famous for predicting the 1987 crash. Jones  claims “Bitcoin is the best bet against inflation that will arise from Governments printing cash”
There are a number of other individuals:

British historian Niall Ferguson “I think the right lesson to draw from all of this is that a global order needs to be based on a distributed operating system, not on a centralized architecture…”

Angela Knight former COO of Standard Bank private banking joins a new Challenger bank 220 that is looking to offer access to digital assets as well as traditional assets to clients

Caitlin Long ran Morgan Stanley’s pension solutions business 9 years Credit Suisse 10 years now set up Avanti a US bank specialising in Digital Assets

There is a growing trend of professionals and experts from traditional financial service companies engaging in digital assets.

Christopher Giancarlo former Chairman of U.S. Commodity Futures Trading Commission, looking at a – Digital Dollar with Accenture
International Monetary Fund has shown support supporter, “and unlike bank transfers, crypto asset transactions can be cleared and settled quickly without an intermediary.”

It is not just individuals that are ‘going digital’ countries are too. The worlds second biggest economy, China,  is going to issue its own Central Bank Digital Currency in a selection of Cities in May 2020. McDonald’s, Starbucks and Subway have reportedly been invited to trial this new Chinese Digital currency and I suspect it will not be long before other major governments follow.

Bought to you by Digital Bytes if you would like to receive Digital Bytes weekly please use this link to register http://eepurl.com/gTDiwP

More about Irish Tech News and Business Showcase here

FYI the ROI for you is => Irish Tech News now gets over 1.5 million monthly views, and up to 900k monthly unique visitors, from over 160 countries. We have over 860,000 relevant followers on Twitter on our various accounts & were recently described as Ireland’s leading online tech news site and Ireland’s answer to TechCrunch, so we can offer you a good audience!

Since introducing desktop notifications a short time ago, which notify readers directly in their browser of new articles being published, over 30,000 people have now signed up to receive them ensuring they are instantly kept up to date on all our latest content. Desktop notifications offer a unique method of serving content directly to verified readers and bypass the issue of content getting lost in people’s crowded news feeds.

Drop us a line if you want to be featured, guest post, suggest a possible interview, or just let us know what you would like to see more of in our future articles. We’re always open to new and interesting suggestions for informative and different articles. Contact us, by email, twitter or whatever social media works for you and hopefully we can share your story too and reach our global audience.

Irish Tech News

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking