Bank of England Governor: Cryptocurrencies in their current form will not last
All the cryptocurrencies currently in existence don’t have what it takes to work as a means of payment over the long term, said Bank of England (BoE) Governor Andrew Bailey as he addressed an online session hosted by the World Economic Forum (WEF).
“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,” said Bailey.
The governor added that people want to make their payment in something with a stable value. And as a result, there is fiat currency, which is linked to the state.
“The whole question of people having assurance that their payments will be made in something with stable value ... ultimately links bank to what we call fiat currency, which has a link to the state.”
England’s central bank, just like European Central Bank (ECB), is studying the feasibility of issuing its own digital currency.
Such a currency would enable people to transact directly with each other without using banks, much in the same way they make cash payments without intermediaries. This is theoretically a better option than using volatile cryptocurrencies such as bitcoin whose wild price swings are not best suited for commerce.
Digital currency privacy
The governor said the acceptable level of privacy for digital currencies would likely present a challenge in the development of one.
“This is a big one that is coming on to the landscape, the whole question of a privacy standard for transactions made in any form of digital currency, and where the public interest lies,” said Bailey.
Regulators around the world have been reluctant to embrace digital currencies based on the narrative that it is used to facilitate criminal activities.
U.S. Treasury Secretary Jenet Yellen said during her Senate Confirmation Hearing that cryptocurrencies are of a “particular concern” and should be addressed.
ECB President Christine Lagarde called bitcoin a “funny business” asset used in illicit financial activities such as money laundering. She added that BTC needs to be regulated on a global scale.
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