More crypto skepticism is being seen this week with the governor of the Bank of England throwing salt in the face of all crypto enthusiasts. The head of England’s top bank, Andrew Bailey, believes that crypto currencies are not here to last and will definitely be gone in a matter of time.
Digital payment systems over cryptocurrencies
Talking at the World Economic Forum’s online Davos Agenda on Monday, he asserted that he didn’t believe cryptocurrencies as originally formulated are it. Bailey was giving his contribution on a panel entitled “Resetting Digital Currencies,” where he added that digital innovations in payments would continue. The governor appeared very pro fin-tech in terms of payment advancements but held his reservations when it came to cryptocurrencies.
His reservations about cryptocurrency arise from the fact that he doesn’t think we have arrived at a place of design, governance, and arrangement for a lasting cryptocurrency. He added; “The whole question of people having assurance that their payments will be made in something with stable value … ultimately links back to what we call fiat currency, which has a link to the state.”