Bank of England President Andrew Bailey once again rejected the leading cryptocurrency Bitcoin (BTC). Bailey said he had a hard time seeing that Bitcoin has a unique value.
On Monday, the Bank of England held a Q&A session with public figures, where President Bailey made a statement:
“I have to be honest, it’s hard to see that Bitcoin has what we call intrinsic value, it can have an external value in the sense people want.”
Bailey was also quick to alert retail users to using BTC as a payment tool. Because people using BTC for payments made him “very anxious”. Bailey also drew attention to the price volatility and “uncertain” value of cryptocurrency.
He was Against Using as a Payment Tool
He had previously expressed his views on BTC and rejected the use of stablecoins, Bitcoin, and other cryptocurrencies as a means of use for traditional payments. Bailey believed that using cryptocurrencies was difficult and inconvenient for the public, and most of the retail crowd still did not understand the use of digital currencies.
This previous discussion had called for a G20 mandate for regulators to update and clarify the standards that issue stablecoins. During the speech, Bailey insisted that the UK-based stablecoin should be backed by the pound and meet the standards currently applied to British banks.
Meanwhile, two days ago, by joining other central banks from the Bank of England, Canada, Europe, Japan, Switzerland and the US, on a report outlining how each nation’s CBDCs can coexist with existing currency formats and complement and encourage them. He announced that he wanted to cooperate.