Money

Existing cryptocurrencies unlikely to last, says BoE's Bailey



© Reuters. FILE PHOTO: The outbreak of the coronavirus disease (COVID-19), in Edinburgh

LONDON (Reuters) – No existing cryptocurrency has a structure that is likely to allow it to last over the long term, Bank of England Governor Andrew Bailey said on Monday at an online discussion hosted by the Davos-based World Economic Forum.

“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,” he said.

“The whole question of people having assurance that their payments will be made in something with stable value … ultimately links bank to what he call fiat currency, which has a link to the state,” he added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.