Michael Corbat, the CEO of Citigroup has predicted that the constant threat received from Bitcoin shall impart inertia to the growth of state-sponsored digital currencies. Corbat stated during an interview conducted by Bloomberg at a meeting held in New York yesterday that such cryptocurrencies come off as a “real enough threat” to the financial system as a whole. He also added that local governments surely won’t take such disruption in their authoritative glare over tax collection, data, know-your-customer and money laundering very “lightly.” He pointed out that, “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.”

Also Read: China Looks Forward To Its Own State-Backed Cryptocurrency

Corbat encouraged people to make full use of cryptocurrencies which according to him are “pretty clunky.” He also agreed to the fact that the underlying blockchain technology holds immense potential and cannot be dismissed.

Citigroup is already working over its very own cryptocurrency known as “Citicoin” which can bring down friction in foreign exchange transactions overlapping countrywide barriers. The financial company has also collaborated with Nasdaq for fostering private share trading using blockchain technology.

Prior to Corbat, Lloyd Blankfein, the CEO of Goldman Sachs exclaimed that he is not against Bitcoin and the tremendous advancements it brings to the table although he is not much “comfortable” using the same.

Another bigshot favouring Bitcoin was Apple Co-founder Steve Wozniak when he quoted that “Bitcoin is better than gold”

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