Expert: Trust key to wider use of regulated digital money

It is natural that people are cautious about new digital assets because of losses suffered in the cryptocurrency market, Michael Salmony, CEO of consulting company Payments Innovation, said at the 10th International Banking and Finance Summit, Report informs.

According to him, many investors lost money they had previously invested in cryptocurrencies, which has created distrust toward this field.

"However, this is not about traditional cryptocurrency speculation. This is about regulated and secure digital money models. This system is supported by central banks, commercial banks and other financial institutions, and creates an entirely new financial ecosystem.

Currently, the main users of this field are financial institutions, banks and corporate clients. In other words, the first stage of development is based on the B2B and corporate segments.

As this model expands and participants place more trust in the new system, retail users are also expected to join the process. We hope that this development will not be limited only to initiatives by large technology companies and that other market participants will also contribute to the formation of the ecosystem," he said.

Salmony noted that the main focus is currently on institutional, corporate and B2B use.

"The next stage will be the involvement of retail users. The most important factor for this is building trust, and the role of banks in this process is of particular importance," he added.