The development of financial services based on private networks has the potential to enable creation of a parallel banking system, completely independent from the official banking system, according to the CEO of the Institutional Clients Group at Citi.
In an address to Sibos 2021, Paco Ybarra said the development of crypto-based financial products and services delivered via private networks “could lead to a completely new financial system … a completely new financial architecture with banks not involved."
Ybarra pointed out that such systems were based on ways of using technology that have proved highly beneficial in other aspects of online services and business processes, by enabling decentralisation.
If the same principles were applied to the FS sector, he suggested “even if you use [such a system] with a central authority, it would still change how … [the sector] operates … It has the potential to change the world in very significant ways.”
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