Central Banks should regulate cryptos

Central banks across the world should look at bringing cryptocurrencies in the regulated space though non-fungible tokens (NFT) or stable coins will not replace fiat currency, said DBS Bank Group CEO Piyush Gupta during an interaction.

Gupta, who was speaking at Global Business Summit, said that there is a better use case of wholesale cross-border central bank digital currencies (CBDC).

“I don’t think that crypto currencies will become money as we know it, but it can be an alternative to gold and its value,” Gupta said. “The other big challenge is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you. Cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.”