Citi Speaks: State-Backed Cryptocurrency Key to Blockchain Adoption

State-backed cryptocurrencies are key to the adoption of blockchain technology, according to an executive at investment banking group Citi.

In an exclusive interview with CoinDesk, the bank's recently appointed head of core cash management for Asia-Pacific, Morgan McKenney, positioned its new CitiConnect blockchain project within a larger context – one in which the ultimate success of distributed ledger technology depends on the advent of fiat currencies issued on a blockchain.

According to McKenney, every payment method has an environment in which it's best suited, and to fully unlock the project's potential – and any number of blockchain environments – cryptocurrency is the most suitable payment method.

But in spite of current limits that have been placed on the $187 billion bank's research into the technology, she explained how atomic swaps could be further empowered if any number of cryptoassets could be purchased with a blockchain-based fiat currency.

Full story at http://bit.ly/2xxBXyx

Source: CoinDesk

 

 

 

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