Bank of England (BoE) Governor Andrew Bailey warned that existing cryptocurrencies will not last long in line with the acceleration of technology.
He replied in an online forum on digital currency, the World Economic Forum, Bailey is more confident in digital innovation in the payment system which is seen to last a long time.
Bailey explained that in the current situation, the use of cryptocurrencies is not the last point as most businesses, consumers and supervisors will pay attention to digital currencies that are clearly more stable, secure and well-designed before completely moving away from fiat currencies such as pounds and dollars.
“Will the crypto currency last? Digital innovation in payments - yes.
Have we developed, administered and arranged for sustainable digital currency? No, I think we have not been there yet. ” he said.
In fact, Bailey also emphasized the privacy of crypto asset transactions which is a concern among supervisors and stressed the need to create a 'standard of transaction privacy' for the public interest.
Not only that, the individual is seen to be concerned about the privacy of the use of stablecoin which is a public question if their payment is made in a stable value as it is closely related to fiat money, as well as the country.
However, not everyone in the BoE has an opinion that contradicts cryptocurrency. In November, BoE chief economist Andy Haldane backed crypto assets as key components to the new monetary policy.
