DBS bank likes to refer to itself as the digital bank of Singapore, however one of its top executives thinks bitcoin is a scam.
The chief information officer at DBS made his views clear while speaking on the sidelines of the Singapore Fintech Festival.David Gledhill, speaking with financial broadcaster «CNBC,» said his bank views bitcoin as «a bit of a Ponzi scheme.»
The Singapore lender's CIO went on to say that bitcoin was «incredibly expensive and all the fees are hidden through the crypto-mechanisms.» Instead, Gledhill thought it makes more sense for DBS to focus on its electronic transactions of government-backed currencies.
Bitcoin Friend or Foe
His words echoed those of UBS chairman Axel Weber who earlier this week said central banks should consider setting up their own digital currencies. J.P. Morgan CEO Jamie Dimon also famously called the cryptocurrency dangerous.
The influential European banker's comments come shortly after his CEO Sergio Ermotti said that the wealthy are curious about digital currencies, which represent a threat to the traditional banking system, but are unwilling to take big crypto bets.
