Banks are Not “Crypto Assets Haters”

On April 13, during the last edition of European Blockchain Convention, a group of experts sat down to discuss the impact DLT & Crypto have in the financial system.

“DLT & Crypto for Financial Services”.  Panel discussion held by EBC.

 

May 10, 2021, 5:15 PM CET

  • Banks will not disappear but their roles will evolve
  • 80% of central banks are engaging in research, experimentation or development of CBDCs
  • Digitized instruments redefine the processes of commercial and financial markets
  • New paradigm where value is brought at every touch point


Central banks
are seeing lots of opportunities, they are embracing new realities and starting to figure out what is coming next and in which way they can be involved in this generational progress claims David Creer, Global DLT and Crypto Lead at GFT Group.

On the other hand, commercial banks see themselves as custody services providers. They are evaluating what kind of bank assets can be tokenized in order to add value to the entity, argued Darko Pilav, Director of Client Experience Engineering at Digital Asset.

“Banks need to figure out what their role might be in the future, they have to reinvent themselves”Kim Schneider, Blockchain Specialist at Rabobank

From the top left: Laurent Marochini, Simon Seiter, Darko Pilav, David Creer and Kim Schneider.

In the last 3 years institutional custody has become a reality, and that’s because of regulatory changes on a local level, and with MiCA (EU’s proposed Markets in Crypto-Assets regulation) potentially also on a European level in the next 12 months. Blockchain technology will support traditional financial markets infrastructure, making it more efficient, allegated Simon Seiter, Head of Digital Assets at Deutsche Börse.

There is a huge interest in CBDC’s, agreed the professionals. Nevertheless, they won’t be issued in the form of a cryptocurrency due to regulatory issues.

“We’ve come from not really providing cryptocurrency services to being major players in this area”David Creer, Global DLT and Crypto Lead at GFT Group.

To wrap up, our speakers claimed, if entities are willing to make a step forward and be part of the “DLT & Crypto infrastructure”, they will accomplish it. Achieving in 2030 full blockchain adoption.

Under other conditions, the only enterprises who won’t have much of a role to play in this “DLT Era” are the ones who are making profit from inefficiencies or corruption.

EBC’s 5th edition panel discussion articulated by Laurent Marochini, Head of Innovation at Société Générale; David Creer, Global DLT and Crypto Lead at GFT Group; Darko Pilav, Director of Client Experience Engineering at Digital Asset; Kim Schneider, Blockchain Specialist at Rabobank and  Simon Seiter, Head of Digital Assets at Deutsche Börse.

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