Citibank has issued detailed reports and guides urging institutions to adopt cryptocurrency.
The consumer division of Citigroup, Citibank has released a report on how cryptocurrencies are redefining the entire ecosystem. The report analyses the growth of the global crypto market from a mere digital novelty to a $2 trillion digital asset.
The report goes on to say “Cryptocurrencies have evolved from being an obscure internet novelty to reaching a two trillion dollar market cap. Whether or not cryptocurrency disrupts the payment system as we know it, it has sparked new thinking in payment infrastructure, processing, and accounting, in addition to its increasing adoption as a store of value.”
HOW CITIBANK SUGGESTS ORGANISATIONS EMBRACE CRYPTO?
The Citibank report is a guide to the organizations that are looking forward to embracing cryptocurrency. The blueprint that Citibank laid out for accepting crypto payments and investments are based on 3 key aspects.
The 3 key aspects to consider while investing in crypto assets are:
- To deal with cryptocurrency, the accounting team needs to have the appropriate tools.
- Choosing which digital assets will be accepted as payment is the first step.
- Whether or not the company will keep cryptocurrency on its books.
Citibank states in its report that the immense growth of the crypto market has transformed the payments, banking and investment infrastructure. That is why it has now become crucial for organizations to start embracing the change.
The banking giant suggests that organizations can consider a third party model for integrating crypto payments and investments. The third-party agent to receive cryptocurrency is simpler and secure than the direct model.
Citigroup is one of the world’s leading financial institutions to show interest in cryptocurrency. In May 2021 it announced that they were exploring ways to extend its services to digital assets as well. The following month Citibank established “Digital asset group” to offer its clients access to cryptocurrency.