The investment of banking group Citi's that newly appointed head of core cash management for Asia Pacific, said by the Morgan Mckenney that the key to the adoption of blockchain technology is the indroduction of state backed virtual currency. Further, she added that ultimate success of distributed technology of ledger relies on the use of fiat currencies issued on blockchain.
After that, she also talked about the project of bank's citiconnect blockchain. The aim of the project to resolve the liquidity issues in the private securities market by leveraging the technology from blockchain starup organization chain. She said that to totally unlock the potential of project, virtual currencies are the major ideal method of payment.
She also discussed how empowered the atomic swaps if any no. of digital currency assets could be bought with a blockcahin based fiat currency.
If you had a crypto dollar, if you had a crypto pound,
exactly fungible with note in your wallet. Also, the dollar
in your bank account, thereafter you would be willing to
utilize that crypto currency much more throught out your
ongoing everyday transactions.
Other Citi investments/projects
Acc. to her, other projects are also pursued by the bank aside from exploring other possible collaborate possibilities for their citiconnect platform. Among these projects are the invesments made in several blockchain stratups, chain , namely, Axoni, and digital asset holdings.
All of the organizations offering the solution of blockchain that don't include a native crypto currency.
Further, she also added that recently bank is not interested for advancing projects to explore a virtual currencies outside of state backed digital currency but still remain open for the possibility in the upcoming time.