Andrew Bailey, Governor of the Bank of England. Andrew Bailey said that cryptocurrencies have no intrinsic value and that people should only invest in cryptocurrencies if they “risk losing their money”.
Andrew Bailey answered journalists’ questions about cryptocurrencies after the BoE’s interest rate decision on Thursday.
Andrew Bailey said he preferred the term “crypto asset” to “cryptocurrency”.
“They have no intrinsic values”
Stating that he does not prefer to use the terms ‘currency’ and ‘crypto’ together, BoE Andrew Bailey stated that they have no “intrinsic value”.
Bank of England Governor Andrew Bailey then made a statement similar to that of the Financial Conduct Authority in the country, saying that only people who “risk losing their money” should invest in cryptocurrencies.
Earlier this year, FCA stated that investing in cryptocurrencies poses a “high level of risk” and people who invest in them should be “ready to lose all their money”.
The BoE began setting up a special task force with the Treasury Department last month to research digital central bank money (CBDC).