Bank of England governor says a 'lasting' digital currency has yet to be invented

Bank of England Governor Andrew Bailey says a "lasting" digital currency has yet to be invented.

Bailey's comments came during a World Economic Forum panel on "Resetting Digital Currencies." Bailey said recent innovations for payments infrastructure are here to stay, and digital currencies have a role in dismantling longstanding barriers like speed and cost. Still, Bailey believes that existing cryptocurrencies haven't solved the necessary governance questions to be used as currency themselves.

"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."

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Existing cryptocurrencies as they were originally designed, according to Bailey, don't sufficiently provide people with assurance their payments will be properly executed in a form of stable value. From his vantage point, Bailey said payments innovation will trend toward a fiat-based solution