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.

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