DBS is Southeast Asia’s largest bank by assets.The Economic Times quoted Gupta as saying:
Idon’t think that cryptocurrencies will become money as we know it, but it canbe an alternative to gold and its value.
“The other big challenge [of cryptocurrencies] isvolatility in value. If you want to use this to pay for something, you don’tknow what it’s costing you,” he elaborated. “Today cryptos are a potentialsource of speculated value, it’s unlikely that this is a source of money as weknow it.”
The executive said that central banks across the worldshould consider bringing cryptocurrency into the regulated space. He stated:
Regulatingit out of the formal banking system is an unwise thing to do, as you wish topush it out into the unregulated space and then you have no way of creating anyguard rails.
“Nobody knows who owns private money, so it is subjectto misuse,” he stressed, adding that this issue is what the governor of theIndian central bank, the Reserve Bank of India (RBI), is so concerned about. Headded, “monetary systems across the world have flagged off AML and KYC issuespertaining to crypto.”
Gupta’s Bank, DBS,has been offering cryptocurrency services to some clients for quite some time.The bank launched a full-service digital asset exchange in December2020. Since then, the platform has seen rapid growth in its cryptobusiness.