TechFlow news — Larry Fink, CEO of BlackRock, the world's largest asset management firm, said that the Russia-Ukraine conflict could accelerate the adoption of digital currencies as international settlement tools, as the war has disrupted the globalization process of the past three decades. In a letter to shareholders, Larry Fink pointed out that this conflict may prompt governments worldwide to reassess their dependencies on certain currencies. He also informed shareholders that due to increasing client interest, BlackRock is actively exploring digital currencies and stablecoins. Fink stated that a well-designed global digital payment system could enhance the efficiency of international settlements while reducing corruption and money laundering.
In the letter, Larry Fink also noted that central banks are facing a dilemma unseen in decades—having to choose between tackling high inflation and avoiding economic slowdown to control price pressures. In May last year, Larry Fink mentioned that the company was studying cryptocurrencies such as Bitcoin to determine whether this asset class could deliver counter-cyclical returns. He added that it is still too early to conclude whether cryptocurrencies are "merely speculative trading instruments."
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