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Bank of England: Andrew Bailey Doubts How ‘Crypto Will Last’

  • Bank of England chief Andrew Bailey doubts how cryptocurrency will last.
  • Specifically, he made his doubt amid a crypto talk show titled “Resetting Digital Currencies.”
  • Despite Bailey’s crypto uncertainty, the Bank of Singapore previously said that cryptocurrency may replace gold as a store of value.

Bank of England (BOE) Governor Andrew Bailey expressed that he feels uncertain and doubts that “no existing cryptocurrencies will last.”

Specifically, he made his doubt on an online crypto talk show titled Resetting Digital Currencies. The show was held at the World Economic Forum on Monday.

Additionally, he said that “digital innovation in payments was “here to stay”.

But as for crypto, Bailey said,

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.

Moreover, he added, “I don’t think cryptocurrencies as originally formulated are it.”

Consequently, he said that people who wish to issue digital payments with something stable can do with the state’s fiat currency. In this case, Bailey named stablecoins and Central Bank Digital Currencies (CBDCs) as a core example.

Meanwhile, the British central bank and many other central banks are also planning to launch their own central bank digital currency.

In support, European former Parliament Member Godfrey Bloom also commented on Bailey’s crypto remarks.

In particular, Bloom said,

Bitcoin strikes terror into the hearts of central bankers. Every time you buy bitcoin or gold coin they know it is another nail in their corrupt coffin.

Furthermore, the Bank of Singapore previously said that cryptocurrency may replace gold as a store of value.

Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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