Bank of England Criticizes Bitcoin, Praises Central Bank Digital Currencies

Similar to many other central banks around the globe, the Bank of England is still mulling over creating its own virtual currency.

The Bank of England’s new governor gave a speech where he slammed Bitcoin, saying it had “no connection at all to money.” Nevertheless, the governor articulated an interest in stablecoins and a central bank virtual currency.

Notwithstanding the interest in a centrally planned virtual currency, the United Kingdom’s top banker still didn’t divulge much on whether the nation had advanced in its expansion of such a currency.

In a speech to the Brookings Institute, Andrew Bailey mentioned, “They [cryptocurrencies] have no connection at all to money.” He added that digital currencies may have extrinsic value but are an extremely chancy investment prospect.

However, the Bank of England has been relatively sluggish when it comes to development of a central bank digital currency. Even though nations like Japan and China are ostensibly winning the race on developing a digital fiat currency, the United Kingdom’s central bank and the United States Federal Reserve are taking a much more vigilant outlook.