The potential of cryptocurrencies will allow them to replace gold in many areas, while integration into the existing financial system is now out of the question. This position is held by Piyush Gupta, CEO of Singapore's most influential bank DBS.

In a conversation with The Economic Times reporters, the bank CEO pointed out the inability of cryptocurrencies to show stable growth rate. In the current environment, due to their high volatility, they will not be able to become part of the global financial system and a tool for payments and remittances. However, digital currencies have the potential to become an alternative to gold, Gupta said.

To make such a scenario happen, the industry needs to be carefully regulated. For that, central banks around the world will need to work on a regulatory framework. Gupta expressed confidence in the benefits of introducing cryptocurrencies into the global financial system. The head of the bank cited high levels of liquidity and the unnecessity of third parties in transactions as the main positives.

Gupta gave a very positive assessment of blockchain technology. In his view, it has the potential to
of adjusting trade finance, payment processing and all phases of exchanges.