That’s something cryptocurrencies will never achieve, argues the governor of the Bank of England.
The Bank of England governor’s criticism also extends to stablecoins, which the state banker calls unreliable and substandard. The central bank governor cited regulatory uncertainties associated with digital assets and said it was necessary to apply enhanced measures to protect users.
A few months ago, Andrew Bailey said that cryptocurrencies create an environment for criminal schemes, so he urged regulators to crack down on illegal activities with private digital assets.
Bailey has a very different opinion on central bank digital currencies. The official believes that CBDCs could be the future of the monetary system and a good alternative to cryptocurrencies. This will allow people to have full access to digital money for everyday transactions.
The Bank of England recently said that the digital pound will be anonymous and private, and users can be assured that the central bank will not collect their personal information.