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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/could-citibanks-move-impact-bitcoin-and-the-us-dollar-robert-kiyosakis-insight/">Could Citibank’s Tokens Replace Bitcoin and the US Dollar? R. Kiyosaki Sparks Debate</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Citibank’s recent announcement to utilize blockchain technology for institutional savings and introduce ‘Citibank tokens’ for 24/7 cross-border transactions is a monumental step forward. In a tweet, renowned investor and entrepreneur <a href="https://coinpedia.org/news/author-of-rich-dad-poor-dad-robert-kiyosaki-shares-best-investment-now/">Robert Kiyosaki</a> hinted that Citibank’s foray into blockchain could have far-reaching implications for <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> and the US Dollar.</p> 
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   <p lang="en" dir="ltr">BYE BYE Bitcoin &amp; US Dollar? Citibank announced today it is offering bank block chain technology to turn institutional savings into Citibank tokens which can be used for instaneous 24/7 cross border transactions. Bye bye BC &amp; US $?</p>— Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1706514724115083415?ref_src=twsrc%5Etfw">September 26, 2023</a>
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<h2 class="wp-block-heading" id="a-game-changing-move">A Game-Changing Move</h2> 
<p>Citi Treasury and Trade Solutions (TTS) announced on the 18th of September that they are piloting <a href="https://www.citigroup.com/global/news/press-release/2023/citi-develops-new-digital-asset-capabilities-for-institutional-clients">Citi Token Services</a>, a new initiative designed to harness blockchain and innovative contract technologies. This development aims to deliver digital asset solutions that provide 24/7 programmable financial services for institutional clients. </p> 
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   <p lang="en" dir="ltr">What does it take to win in cross-border payments business? Speed, cost efficiency, and transparency are critical to delivering best-in-class client experiences. Read more in our latest <a href="https://twitter.com/hashtag/Citi?src=hash&amp;ref_src=twsrc%5Etfw">#Citi</a> GPS report: <a href="https://t.co/hhHerE0r9l">https://t.co/hhHerE0r9l</a> <a href="https://t.co/wlsKxfH8Qe">pic.twitter.com/wlsKxfH8Qe</a></p>— Citi (@Citi) <a href="https://twitter.com/Citi/status/1705099612694966404?ref_src=twsrc%5Etfw">September 22, 2023</a>
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<p>Citi Token Services promises to offer cross-border payments, liquidity management, and automated trade finance solutions that integrate with Citi’s global network.</p> 
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 <p><em>&nbsp;“Digital asset technologies have the potential to upgrade the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks,” – </em>Shahmir Khaliq, Global Head of Services at Citi.</p> 
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<p>Nonetheless, not everyone is sold on this idea. A crypto enthusiast expressed doubts, suggesting that Citibank’s new service wouldn’t sway them from using Bitcoin and other decentralized finance alternatives.</p> 
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   <p lang="en" dir="ltr">Not a chance. I just parked all my Citi accounts due to their decision to actively try to keep me from using my account for crypto related activity. <br> I made it clear that I would not be steered or stopped. <br> This announcement changes nothing for bitcoin and the rest of…</p>— jpegm
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2b55.png" alt="⭕" class="wp-smiley" style="height: 1em; max-height: 1em;">rgan.eth / $jpegmorgan (@jpeg_morgan) <a href="https://twitter.com/jpeg_morgan/status/1706529408952000619?ref_src=twsrc%5Etfw">September 26, 2023</a>
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<p>Read More: <a href="https://coinpedia.org/news/rich-dad-poor-dad-author-robert-kiyosaki-predicts-bitcoin-price-to-hit-1-million/">Rich Dad Poor Dad Author, Robert Kiyosaki Predicts Bitcoin Price to Hit $1 Million</a></p> 
<p><strong>Digitizing Trade Finance</strong></p> 
<p>Citi also partnered with shipping giant Maersk and a canal authority to digitize solutions resembling bank guarantees and letters of credit in trade finance. The pilot program introduced instant, programmable transfers through smart contracts. The technology was also put to the test in a global cash management system facilitating instantaneous liquidity transfers between Citi branches.</p> 
<h2 class="wp-block-heading" id="h-decentralization-vs-centralization"><strong>Decentralization Vs. Centralization</strong></h2> 
<p>While Kiyosaki’s tweet raised eyebrows, the broader discussion revolves around the age-old debate of centralization versus decentralization. Unlike public blockchains like Bitcoin, Citi’s blockchain is private and permissioned, entirely controlled by Citi, eliminating the need for clients to host a blockchain node.</p> 
<p>It is perhaps too early to say “BYE BYE” to Bitcoin or the <a href="https://coinpedia.org/crypto-live-news/fomc-interest-pause-bitcoin-pressured-by-strong-dollar/">US Dollar</a>. Citibank’s tokens may become essential to the financial landscape, but they are unlikely to replace these longstanding pillars entirely. </p> 
<p>Read More: <a href="https://coinpedia.org/news/ripples-proper-party-and-gary-genslers-hearing-a-pivotal-week-for-the-crypto-market/">Top 3 Events to Watch This Week: Could Bitcoin’s Price Breakout Soon?</a></p>

Could Citibank’s Tokens Replace Bitcoin and the US Dollar? R. Kiyosaki Sparks Debate

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