The war between Russia and Ukraine could accelerate the adoption of digital currencies as a medium for international payments, BlackRock CEO Larry Fink has told Reuters.
In a letter to the company shareholders, the head of the world’s largest asset manager ha said the events will push countries to rethink currency dependence. Due to customer interest, BlackRock is looking into digital assets and stablecoins, Fink has added.
“A well-designed global digital payment system can improve international transaction settlement processes while reducing the risk of money laundering and corruption.”
He thinks that the geopolitical crisis has put an end to the globalization trends that have been in place for the past 30 years.
The BlackRock CEO has said that after the invasion started, his company, which has $10 trillion in assets under management, stopped buying any Russian securities for index portfolios.