May 25, 2022

The Queens County Citizen

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Bank of England | Reference digital currency is still waiting

Bank of England |  Reference digital currency is still waiting

(London) The Governor of the Bank of England said at the World Economic Forum on Monday that the current benchmark is to refuse to look at cryptocurrencies as the next benchmark, and that the alternative is not ready at present.

France Media Agency

I do not think “digital currencies were originally designed to meet the standards of” sustainable digital currency governance “, Andrew Bailey explained during the roundtable of the financial conference year, which left the ice in Davos for a completely virtual format.

Despite many innovations in the field of payments, the governor continued about the possible reference digital currency “we are not there yet,”

He then emphasized the criticisms that are generally made against cryptocurrencies: high volatility, possible use for the purpose of criminal activity and, in general, their ambiguity.

The Bank of England and the Treasury are working together to “issue digital banking, cash-strapped, central banks,” the Treasury said last November.

And these are not the only ones. In early January, Christine Lagarde, president of the European Central Bank, solved the problem by embracing the “digital euro” in five years.

Janet Yellen, who was heard by U.S. senators last Tuesday, has elected new U.S. President Joe Biden as head of the finance ministry, saying cryptocurrencies are “primarily used” to finance illicit activity and “the special concern they represent”.

The government should look at ways to limit their use and ensure that they do not become a tool for laundering dirty money.

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Bitcoin, the first cryptocurrency, rose to an all-time high at the beginning of the year, reaching nearly US $ 42,000. It is developing around 12:50 just over US $ 34,000 on Monday.