DBS Bank CEO Piyush Gupta had to inform the weighty decision that his institution will not proceed with the plan of offering crypto services to its users.
Clearly the decision is different from the announcement in the second week of February 2022.
What happen?
On February 15, DBS Bank was excited to share its plans to offer crypto trading services to its users by the end of 2022.
It is understood that the service facilitates online deposits and transactions without reliance on intermediaries.
But yesterday, Gupta abruptly withdrew the promise on the grounds that local supervisors were closely monitoring any entity that wanted to allow digital asset services in the retail sector:
"This is not the best time to make it a reality."
For the record, in January and February this year Singapore had decided to 1/ not compromise with any party trying to promote crypto services to the public and 2/ urge any individual to verify identity and residence first before making a crypto transaction.
Meanwhile, at the end of 2021, the country once voiced hopes of becoming a global crypto hub.
Even so, the CEO of the banking company still believes in the future of cryptocurrency with the expectation that it will become an interest in the financial network. Time will tell.
Not only that, Gupta is also convinced the cryptocurrency is an alternative to gold (or more accurately, will replace the commodity). This is reminiscent of the performance of Bitcoin (BTC) which soared higher than gold in 2020.
"Uncertainty in the market makes it difficult for crypto to become money. Today, crypto is a speculative asset but it will come, not anymore. ”
