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Bank of England’s Bailey Pours Cold Water on Facebook’s Libra

by CBDC Insider
November 13, 2020
in Business, Europe
Reading Time: 1min read
0
Bank of England’s Bailey Pours Cold Water on Facebook’s Libra

The new Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the central bank in London, Monday March 16, 2020. Andrew Bailey is replacing Mark Carney. (Tolga Akmen/Pool via AP)

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Bank of England governor Andrew Bailey has taken a side-swipe at Facebook’s (FB) cryptocurrency project Libra and others like it.

“The bar is set very high for private stablecoins, and I don’t think they have met that bar,” Bailey said during a virtual conference for central bankers on Thursday organised by the European Central Bank.

Stablecoins are cryptocurrencies tied to the value of an underlying asset, such as a national currency, in order to bring price stability. They were created in response to the wildly fluctuating value of cryptocurrencies such as bitcoin (BTC-USD). The price volatility meant cryptocurrencies were attractive for investment but unsuitable for use as money in everyday transactions.

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Read more: https://ca.sports.yahoo.com/news/bank-of-england-andrew-bailey-stablecoins-facebook-libra-093340793.html

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