During a panel discussion on digital currencies in virtual Davos, Bank of England Governor Andrew Bailey said that the design for a "lasting" digital currency was yet to be found:
Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.
As of now, Bailey doesn't think that existing cryptocurrencies are lasting, calling for more regulations for the nascent asset class.
When asked about the approach to regulating crypto, the central banker mentioned ensuring the stability of value, tackling various criminal uses, and finding the balance when it comes to privacy as his main priorities:
I think we begin, and the history guides us, by defining where the public interest lies…Don’t think that technology comes before public interest. It doesn’t.
Alex DovbnyaDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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