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.

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