Bank of England Governor calls cryptocurrencies 'dangerous'

The President of the Bank of England discussed the problematic nature of digital currencies in response to questions from the Parliament's Treasury Committee. Governor Andrew Bailey described cryptocurrencies as "dangerous" at a parliamentary meeting with the Treasury Committee, but acknowledged "great enthusiasm" in their circles. I don't want to be seen as a luddite. I am really skeptical of crypto assets because they are dangerous and there is great enthusiasm. The governor added that while recognizing the benefits of financial innovation, investors need to be vigilant about the underlying assets they create. The cautious comments reinforce the bank's stance on cryptocurrency, saying that people previously only traded cryptocurrency. If they want to lose their money, they should invest. Earlier this month, Bailey said at a press conference that "crypto and currency are two words that don't confuse me" and "have no intrinsic value." It seems the bank has not completely excluded digital currencies, despite concerns about cryptocurrencies. A recently vacated position by the BOE revealed that the bank has a vacant position for a CBDC policy analyst. A week ago, the government announced the creation of a CBDC task force in collaboration with the Bank of England as part of the discovery of a central bank digital currency (CBDC). It needs a central digital currency (CBDC). No decision has yet been made as to whether a CBDC will be needed in the UK, but this is an important issue for the Bank to understand. Working with the UK government, the Bank of England hopes that fintech research will help a struggling economy. splash. Finance Minister Rishi Sunak explained the steps the UK will take to develop the financial sector: “Our vision is a clearer, greener and better society.

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