[2017-11-09] Citigroup’s CEO Predicts State-Sponsored Digital Currency

[bbc.reporter]

I reckon Citigroup CEO Michael Corbat should research more about bitcoin and other proof of work cryptocoins. He simply does not get what they are. By claiming that state sponsored digital currencies will stop bitcoin's threat, shows that he is misinformed or completely ignorant. Maybe he should start hiring competent cryptocoin developers as his advisers.



There’s now one Wall Street chief executive officer who says bitcoin presents a real enough threat to the financial system that governments will have no choice but to issue versions of their own.

“I don’t think governments are going to take lightly other people coming in and potentially disrupting their abilities around data, around tax collection, around money laundering, around know-your-customer,” Citigroup Inc. CEO Michael Corbat said Wednesday in an interview at the Bloomberg Year Ahead summit in New York. “It’s likely that we’re going to see governments introduce, not cryptocurrencies -- I think cryptocurrency is a bad moniker for that -- but a digital currency.”

Read the full article https://www.bloomberg.com/news/articles/2017-11-08/corbat-sees-governments-issuing-digital-currencies-after-bitcoin

[Marucya]

Now many states declare their intention to create their own crypto currency. However, no country has yet done so. Against the background of the fact that the Expert Council under the Government of the Russian Federation stated that the creation of a national centralized crypto currency in a separate country is impossible, I would like to see whether it is possible to create and effectively use such a crypto currency. This will be a good experience for other countries that intend to create their own crypto currency.

[Kemarit]

So as what we all suspected, bankers really perceived bitcoin as a threat to their financial systems. But where are their basis? LOL, Cyptocurrency or Digital Currency, it doesn't make any difference, and even the term "cryptocurrency" is a threat to them. But as far as state sponsored digital currency, I haven't seen any country yet, not that I know of, becoming successful on their creation of their own digital currency. Russia has already set in motion their plan, however, as I understand it, it is heavily taxes at around 13% if I'm not mistaken. As a casual, who will buy those coins?