{"id":28189,"date":"2020-09-04T12:37:45","date_gmt":"2020-09-04T09:37:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28189"},"modified":"2025-08-27T10:13:43","modified_gmt":"2025-08-27T07:13:43","slug":"bank-of-england-governor-bitcoin-has-nothing-to-do-with-money","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bank-of-england-governor-bitcoin-has-nothing-to-do-with-money\/","title":{"rendered":"Bank of England governor: Bitcoin has nothing to do with money"},"content":{"rendered":"

During a Brookings Institution\u2011organised virtual conference, Bank of England Governor Andrew Bailey \u0437\u0430\u044f\u0432\u0438\u043b<\/a> that cryptoassets ‘are not suitable for the world of payments’.<\/p>\n

In his view, Bitcoin is an asset that ‘has nothing to do with money’. He is reluctant to believe that cryptoassets are a suitable investment option because ‘their value can fluctuate in fairly wide ranges’.<\/p>\n

He also believes that stablecoins have great potential and can offer ‘useful benefits’, reducing payment frictions.<\/p>\n

\n

“If stablecoins are widely used as a means of payment, they must have standards equivalent to those that apply today to other forms of payments,” he added.<\/p>\n<\/blockquote>\n

According to Bailey, holders of stablecoins should have a guaranteed ability to convert their funds to fiat at any moment. The head of the institution noted that the starting point for discussions on a global stablecoin should be a single currency, but he did not rule out the idea of a multi\u2011currency asset.<\/p>\n

Earlier, the Bank of England described stablecoins as a potential threat to the banking system’s credit framework.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog FEED<\/a> \u2014 the full feed, ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"

During a Brookings Institution-organised virtual conference, Bank of England Governor Andrew Bailey stated that cryptoassets ‘are not suitable for the world of payments’.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[216,1138],"class_list":["post-28189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-england","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28189"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28189\/revisions"}],"predecessor-version":[{"id":28190,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28189\/revisions\/28190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}