UBS CEO: blockchain is a great way to cut costs

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Blockchain helps reduce costs and is a necessary technology for business. This was stated by the CEO of the Swiss financial holding UBS Sergio Ermotti in an interview with CNBC.

According to the financier, the technology of the distributed registry allows companies to conduct their operations more efficiently. He is convinced that in the next 5-10 years, the blockchain will become an extremely important technology that will significantly transform the financial sector.

“Our industry will continue to be under pressure, in terms of gross margins. It’s no doubt,” he said. “The only way you can stay relevant is not only by being strong in terms of capital, in terms of products, the quality of the people you have, advice you give to clients. You need also to be able to price it correctly, ” said Sergio Ermotti.

Despite optimistic forecasts regarding the blockchain, UBS CEO questions the significance of cryptocurrencies. So, in October last year, he said that bitcoin is a speculative bubble.

At the same time, UBS ‘top manager Mark Haefele said that the Swiss financial holding company would not invest in bitcoin due to the lack of state control over the circulation of cryptocurrency.