Known for his reluctant stance on decentralized money, the Governor of Bank of England (BOA), Andrew Bailey, has recently taken his anti-crypto rhetoric up a notch. Speaking at a meeting with lawmakers in London, Bailey stated that cryptocurrencies are “dangerous.”
“Crypto-assets,” as the central bank’s official labels bitcoin and the rest, present a danger to the public, Bailey told the British Parliament’s Treasury Committee. The Governor’s statement on Monday reiterates his long-standing concern about decentralized digital currencies, Reuters noted in a report.
Andrew Bailey’s latest criticism comes after previous statements revealing his negative attitude towards cryptocurrencies. The governor has in the past warned ordinary Brits they should not invest in crypto unless they are prepared to lose all their money.
The BOE chief believes digital financial assets such as bitcoin do not fulfill key functions of a standard means of payment. In early May, the banker stated that “I would only emphasize what I’ve said quite a few times in recent years. I’m afraid they have no intrinsic value,” but he also admitted that people can put “extrinsic” value on them. And in January, Bailey expressed doubts that any cryptocurrency would last.
