• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

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)

Share on FacebookShare on Twitter

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.

RELATED STORIES

Japan to Set Up Panel on Central Bank Digital Currency

Japan to Set Up Panel on Central Bank Digital Currency

March 30, 2023
Russia Delays Digital Ruble Launch Testing Due to Lawmaking Process

Russia Delays Digital Ruble Launch Testing Due to Lawmaking Process

March 30, 2023

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

Previous Post

Lebanon to Launch Digital Currency in 2021, Central Bank Governor Says

Next Post

Santander, BBVA, Others in Major Tokenized Digital Money Trial with Iberpay

Next Post
Santander, BBVA, Others in Major Tokenized Digital Money Trial with Iberpay

Santander, BBVA, Others in Major Tokenized Digital Money Trial with Iberpay

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register