Bank of England Governor Doesn't Think Cryptocurrencies Are Lasting

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Mon, 01/25/2021 - 17:23
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Alex Dovbnya
Bank of England Governor Andrew Bailey says the perfect cryptocurrency is yet to be designed
Bank of England Governor Doesn't Think Cryptocurrencies Are Lasting
Cover image via www.bankofengland.co.uk
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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.    

Related
Bank of England Governor Says Bitcoin Makes Him "Very Nervous"
Meanwhile, Western Union CEO Hikmet Ersek mentioned that inclusive currencies would reach success. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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