LONDON (UK) – The existing cryptocurrency does not have a structure and for this reason it might not last over the long term, Bank of England Governor Andrew Bailey said on Monday at an online discussion hosted by the Davos-based World Economic Forum.
“Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it,” he said.
“The whole question of people having assurance that their payments will be made in something with stable value … ultimately links bank to what he call fiat currency, which has a link to the state,” he added.