In an interview with CryptoBriefing, Bank of England chief economist Andy Haldane suggested that cryptocurrencies have “enormous potential.”
The Bank of England is the Central Bank of Great Britain, which has existed for more than 320 years; almost all other central banks of the world were created according to its model.
Andrew Haldane, who is also a member of the Bank’s monetary policy committee and chair of the British government’s Industrial Strategy Council, noted:
"The bank supports technologies that help improve financial services in the field of payments, including cryptocurrency."
Haldane stressed that, on the one hand, regulators should limit the risks of the cryptocurrency sector, which is still very young, on the other hand, such an area as cryptocurrency, which has “enormous opportunities”, should be maximally supported.
He did not single out any particular project, but suggested that payments could be a good starting point for integrating cryptocurrencies into the traditional economic system.
In particular, he mentioned cross-border remittances, "the cost of which is mainly borne by the users of the services, which, undoubtedly, must be changed."
In addition, Haldane added that the number of cryptocurrencies is reminiscent of the “bloom of a thousand flowers” and at the moment the Bank of England can only track how companies, other central banks and financial regulators interact with new technologies.
Correspondent CryptoBriefing account necessary to comment on the interview:
“Speaking with Haldane, there was a feeling that the central bank was excited about the possibilities of cryptocurrency. However, enthusiasm is held back by trepidation, which almost always accompanies the emergence of something unknown. ”
Publication date 12/06/2019
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