Bank of England Governor, Andrew Bailey, has yet again dismissed the premium cryptocurrency, Bitcoin. He stated that he found it hard to see how Bitcoin had any intrinsic value. On Monday, the Bank of England held a question and answer session with members of the public, during which Governor Bailey made a statement:
I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” “It may have extrinsic value in the sense that people want it.
Bailey was also quick to caution retail users who used BTC as a means of payment because the fact that people used BTC for payments made him “very nervous.” Bailey also drew attention to the crypto’s price volatility and its “uncertain” value.
He had previously expressed his views on BTC and ruled out the use of stablecoins, Bitcoin, and other cryptocurrencies as a means of use for traditional payments. Bailey believed that using crypto was difficult and unsuitable for the public and that the majority of the retail crowd still does not understand the usage of digital currencies.
In this earlier discussion, he called for a G20 mandate for regulators to update and clarify standards that regulate stablecoins. During the talk, Bailey insisted that Britain based stablecoin be backed by the pound and that it should meet standards that are currently applied to British banks.
Meanwhile, two days ago, The Bank of England joined other central banks from Canada, Europe, Japan, Switzerland, and the USA to collaborate on a report outlining how the CBDCs of each nation could coexist with and complement existing forms of money, and promote “innovation and efficiency.”