- Bank of England Governor Blasts Bitcoin (BTC) and Stablecoins: Bank of England’s governor Andrew Bailey says that crypto assets such as Bitcoin (BTC) and stablecoins fail to qualify as money.
- Touts Other Forms of Digital Money: According to the Bank of England governor, there are “enhanced forms of digital money” which satisfy the basic tests of “singleness and settlement finality.”
- Path Forward for Enhanced Digital Money: On the path forward for enhanced digital money, the Bank of England governor says that it is likely that there is a future for digital money.
Bank Of England Governor Blasts Bitcoin (BTC) and Stablecoins
Bank of England’s governor Andrew Bailey has expressed concerns about crypto assets such as Bitcoin (BTC) and stablecoins, stating that they fail to qualify as money. He believes these assets are best treated as extremely speculative investments due to their lack of intrinsic value and high volatility.
Touts Other Forms Of Digital Money
In contrast, Bailey sees potential in “enhanced forms of digital money” which satisfy certain criteria like singleness and settlement finality. He suggests that these forms could attach executable actions such as smart contracts which can range from simple to complex tasks.
Path Forward For Enhanced Digital Money
The Bank of England Governor believes it is more likely than not that there is a future for digital money in spite of its current uncertainty. He encourages innovators not to be limited by our inability to specify a precise use case today, citing the need for an open mind towards new innovations.