Digital Currencies possible to put back money
Digital currency is any currency, money that is mostly managed, stored, or exchanged on the digital computer systems, extremely over the internet. Types of digital currencies include cryptocurrency, virtual currency, and central bank digital currency. Digital currencies exhibit properties similar to traditional currencies, but generally do not have a physical form. Unlike currencies with printed banknotes or minted coins.
Moreover, Digital Currencies and tokenization of assets are a reality and may be a dominant factor in the future. While that doesn’t necessarily mean that Bitcoin could replace fiat currency as a medium of exchange, said Piyush Gupta, CEO of DBS.
On the other hand, we launched the first bank-sponsored digital exchange in December. Which lets you tokenize assets and securities, said Gupta, ET’s Global Indian of the Year. Therefore our action we are to create capabilities for crypto, digital currencies, and tokenization for the future.
Elon Musk Views on Bitcoin:
While Bitcoin as a replacement for money is still challenging, money is a medium of exchange, a unit of account, and a store of value. The world is divided on the future of cryptocurrencies with regulators. Like the Reserve Bank of India (RBI) opposing them as a medium of exchange. But billionaire entrepreneurs like Elon Musk are backing them.
Duration cryptocurrencies have become a trend, the volatility of Bitcoin has made management nervous. Bitcoin is not a good medium of exchange because even though Elon Musk says he will take it for Tesla. Moreover, it is very hard to do transactions because you can only do nine transactions per second while Visa and Mastercard can do hundreds of thousands, said Gupta.
Moreover, Gupta of DBS, which became the first international bank to acquire a domestic, troubled lender in recent memory, said that Lakshmi Vilas Bank fits into our strategy. He visualized the growth path a few years ago. Through the subsidization of DBS in India to gain equal footing with domestic banks.