Bank of England Governor Insists Digital Payments (But Not Crypto) Is Sticking Around.-

Summary (IA Generated)

Bank of England Governor Andrew Bailey held the central banker’s line against cryptocurrency proliferation at the Davos conference Monday.

At the same time, Bailey, a panelist for Davos’ digital currency talk, stressed that digital innovation in payments is here to stay.

It’s just a matter of finding the right design and governance model for a ‘lasting digital currency,’ he said.

‘I don’t think we’re there yet,’ said Bailey, adding, ‘honestly, I don’t think cryptocurrencies as originally formulated are it.

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Bailey said the problem rests with value and volatility.

People want their payments conducted over a stable medium, which the original cryptocurrency, bitcoin, certainly lacks.

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] Bailey suggested fiat systems could be made more efficient through digital means.

‘We’re right still to debate stablecoin, we’re right to debate central bank digital currency, those issues I think are very much up for grabs,’ he said.