Standard Chartered CEO "Global financial transactions will ultimately take place on the blockchain"

Son Min

Summary

Bill Winters, Standard Chartered CEO, said he expects that most global financial transactions will ultimately take place on the blockchain.
He said all money will eventually be digitized, which he described as a complete reallocation of the financial system.
Standard Chartered said it plans to launch a Hong Kong dollar stablecoin, suggesting an expanded role in the digital asset market.

Bill Winters, Chief Executive Officer (CEO) of Standard Chartered, predicted that most financial transactions will ultimately take place on the blockchain and that all money will become digital.

According to CNBC on the 3rd (local time), Winters said at a panel discussion at Hong Kong FinTech Week, "We believe that virtually all global transactions will eventually take place on the blockchain," and "all money will eventually be digitized." He added, "This implies a complete reallocation of the financial system," and "what that will look like needs to be determined through testing."

He also said, "Hong Kong is showing global leadership in both experimentation and regulation," and assessed that "Hong Kong has significant potential to establish itself as a global digital asset hub." He went on to say, "A Hong Kong dollar stablecoin could play a meaningful role as a digital payment method for international trade."

Meanwhile, Standard Chartered plans to launch a Hong Kong dollar–pegged stablecoin in collaboration with blockchain investor Animoca Brands and telecom company HKT.