Citi, one of the world’s largest financial services companies, is hiring 100 people for its cryptocurrency division. Showing that the bank is ready to take a step towards cryptocurrencies, such as Bitcoin, which are not in the future, are already part of our present.
This is a succession of past studies, as Citi stated in March of this year that Bitcoin could become the currency of choice for international trade.
As a result, this adoption also opens doors for professionals in the field. Today, cryptocurrencies are already present even in Banco do Brasil tenders, once again reinforcing their impact on our current economy.
Bitcoin is a need for customers
Earlier this month, the former executive director of Citibank itself stated that all banks will trade cryptocurrencies, it is inevitable. By coincidence, or fate, one of these banks that is taking the lead is Citi.
According to the statement made to the Coindesk, the bank is looking to study the market to be able to meet the needs of its customers who are increasingly looking for cryptocurrencies such as Bitcoin to escape inflation.
“We are focused on assessing our customers’ needs in the digital asset space.”
In addition, the hiring of 100 people by Citi also shows that qualified people, with an understanding of cryptocurrencies, will have greater chances of getting a good job.
Regulatory scenario is still the biggest obstacle
As pointed out by Citi, in addition to studying the cryptocurrency market, it is also necessary to understand the current regulation in relation to it. Today, legislation in many countries is completely out of date regarding technologies such as cryptocurrency and even the internet, leaving many fields in a gray area.
“Before offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks, in order to meet our own regulatory frameworks and supervisory expectations.”, Citi said in an email to Coindesk.
Based on the US, the world’s largest economic power, several companies there are pressing the government for greater clarity in the regulation of cryptocurrencies. This point is compounded by the fact that different agencies have decision-making power and their opinions often diverge.
Finally, the entry of Citi only reinforces that Bitcoin is no longer a currency of the future, but an asset of our present. However, it is important to remember that it is highly recommended that you be the custodian of your money, avoiding practices such as fractional reserve, practiced by banks.