Vikram Pandit, who was CEO of Citigroup during the 2008 crisis, has called for the U.S. Federal Reserve to pursue a central bank digital currency (CBDC). He highlighted the challenges of distributing COVID-19 stimulus money and suggests that a digital dollar would be a better route.
Pandit rapidly rose to CEO of Citigroup in 2007 less than a year after he joined. Given the 2008 crisis fallout, he referred to his five your tenure as “war”. Currently, he runs an investment firm Orogen, which focuses on the intersection of finance and technology.
“For the government to fulfill its role, it needs new infrastructure to act as an effective, efficient underwriter,” wrote Pandit in the New York Times’ Dealbook. He also noted the adoption of other modern technologies by India, Kenya and Singapore. India is known for its national identity system and its related frictionless know your customer tools.
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