Citigroup Helping World Governments Build Digital Currencies, CEO Says

Former Citigroup chief executive Vikram Pandit has come out in favour of digital currencies, stating they have potential to change the world. Speaking in an interview with Bloomberg TV, Pandit said he is interested in the emerging technology as a source of innovation that could eventually make its way into the traditional financial sector. "I am a believer in the fact that whether it is the virtual currency or the services around virtual currencies do have the promise of changing the world," he said. He went on to argue that digital currencies could leave their mark on other currencies and....

Citigroup is reportedly looking to hire 100 people for its new crypto team. “We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.” Citigroup Growing Its Crypto Team Citigroup is reportedly looking to hire 100 people to grow its digital asset team within its institutional business, Bloomberg reported on Monday, citing a person familiar with the matter. Puneet Singhvi will be the firm’s new head of digital assets within....

Citigroup CEO Jane Fraser warns that a recession is more likely in Europe than in the U.S. Nonetheless, she stressed that it is not easy for the U.S. to avoid a recession. Citigroup’s CEO on Global Recession Citigroup CEO Jane Fraser warned about the health of the global economy Friday, Reuters reported. Citi is the third-largest and most globally-focused U.S. bank. Speaking at an investor conference in New York, she talked about how “the three Rs” are affecting the global economy, stating: “It’s rates, it’s Russia, and....

Citigroup is reportedly awaiting regulatory approval to start offering bitcoin futures trading to its clients. “We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks,” said Citigroup. Citigroup Awaits Regulatory Approval to Trade Bitcoin Futures Citigroup Inc. is reportedly considering whether to offer its biggest clients trading in bitcoin futures, Bloomberg reported Tuesday. “Our clients are increasingly interested in this space, and we are monitoring these....

Commonwealth governments should regulate bitcoin to address the risks associated with digital currencies without stifling innovation. This was one of the recommendations put forward by the Commonwealth's Virtual Currencies Working Group during a three-day conference held in London this week. After hearing from the banking sector, academia, virtual currency operators, users and law enforcement agencies, the group urged governments to re-consider their legislative response to virtual currencies such as bitcoin and strengthen law enforcement to counter criminal use. The group, which noted....