In today’s altcoin news, we are focusing on the year in review and reporting on a recent interview hosted by Bloomberg with Henry Arslanian, who is the PwC fintech and crypto leader as well as chairman of the Fintech Association of Hong Kong.
In the interview, Arslanian was covering many topics and attempted to answer a lot of questions. At first, he was asked about the most trending topics. For instance, he spoke about the Libra news and stated that the proposed cryptocurrency by Facebook is what actually led central banks to become more interested in crypto.
According to the PwC fintech leader, banks were very slow in their reaction towards virtual currencies. Nowadays, however, over 70% of central banks all around the world are looking into crypto.
Arslanian believes that the next few months will be crucial for a change when it comes to big and transnational organizations showing their interest in crypto. We can also see that China is a major topic of discussion right now and the PwC fintech leader is enthusiastic about what this country may bring, first with its own Central Bank Digital Currency (CBDC) and later with other updates.
We could see that even Mark Zuckerberg, the CEO of Facebook, recently spoke about the CBDC and said that China should be one of the reasons why the US should act quickly in regards to crypto. The PwC fintech chief Henry Arslanian said that there is around $500 billion that gets transacted per year across borders – and that the majority of this is sent by more than 250 million migrants. Based on this, Libra will have a major role in this space.
When Bloomberg asked him about the potential implications of Bitcoin and other older cryptocurrencies, Arslanian noted that “Bitcoin is still the mother of all cryptocurrencies” and that “Libra still relies on fiat currencies as underlying assets.” In contrast to this, the PwC fintech chief said that Bitcoin is decentralized and for other crypto assets, they all have their own use cases and purposes which is why they are likely to keep existing side by side.
So, the comments of Arslanian are all directed to a future where more institutions are getting involved in cryptocurrency – and a year 2020 where we could see “the big money” coming in from institutional clients, who are developing a greater interest in crypto as we speak.
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