Bank of England chief questions future of unregulated crypto

Bank of England governor Andrew Bailey has expressed concern over the way crypto should be regulated and why he believes achieving uniform crypto regulation could be challenging.

Bailey was speaking during the World Economic Forum on January 25, durning which there has been substantial interest in digital currencies, crypto regulation and blockchain.

During the Resetting Digital Currencies panel, Bailey suggested crypto assets were presently designed in a way that made it almost impossible to guarantee long-term regulatory survival.

Bailey was responding to a question from a reporter asking whether currencies are here to stay.

“Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No. I don't think we're there yet”, he said, adding: “I don’t think cryptocurrencies as originally formulated are it.”

Bailey argued that the current way cryptocurrencies make payments impossible to track was a concern to regulators. Then again, the governor assured reporters that regulators and banks were all for consumers' right to protect their financial data and information.

He said a privacy standard for such transactions is in the public interest. While some have been more alarmed than others, there has also been a fair bit of support for cryptocurrencies.

The European Central Bank has called for public opinions about the adoption of digital currencies. Many companies, such as Visa, MasterCard and PayPal, have been rallying behind the idea of embracing digital payments.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.