Bank of England Governor Andrew Bailey on the future of cryptocurrencies and stablecoins





On September 3, the Hutchins Center on Fiscal & Monetary Policy at Brookings hosted Andrew Bailey, Governor of the Bank of England, to discuss how these trends are evolving and the growing role of stablecoins, which are cryptocurrencies linked to the price of some stable asset or basket of assets.

(transcript unavailable)

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7 comments

  • Governor of the bank of England : ABSOLUTE BORING diarrhea of circonvolutive HOLLOW VERBIAGE, intended propaganda against crypto, please know the 2 basic dangers : 1) Banks will do everything to control Crypto and your Personal Data 2) they will absolutely want to TAX all transactions : THEY WILL FAIL. Their argument regarding dangers of criminal abuse is THE BIGGEST LIE = they ARE THE BIGGEST TRANSNATIONAL CRIMINAL GANG responsible of the worst crimes against HUMANITY, irresponsible Psychopaths operating the World Financial System, fearing losing CONTROL….

  • The day this video (3rd September 2020) was posted bitcoin was 10k usd
    When I’m writing this it’s at 50k but has been up too 63k
    Let’s see how his thoughts play out

  • International trades are now being settled in Bitcoin Ethereum, Ripple and Stella almost 40 trillion. Mostly by the countries the US has sanctioned. We in the UK can either follow the US and the Fed down the toilet or we can take a different approach. There is no way to stop this. No way a centralised inflationary issue currency whether digital or otherwise can beat a limited issue decentralised one. A decentralised currency has all the transactions verified by 1000’s of ledgers. The central bank crypto has one verification the central bank of a single nation. Who would trust it…? They are either very stupid or do not understand what is going on.

  • “Crypto investors should be prepared to lose all their money. They have no intrinsic value. That doesn't mean to say people don't put value on them. They have extrinsic value, but no intrinsic value” (Bank of England Governor).

    Fiat Currency (definition):
    “Fiat money does not have intrinsic value and does not have use value. It has value only because . . . parties engaging in exchange agree on its value.”

    It’s not often you find a bank manager willing to admit your currency is worthless.

  • Can’t understand why they didn’t talk about crypto is a back up for “stable coin” . I don’t care is there fiat on other side , I care can I redeem crypto collateral which is behind this “stable coin” ( could be anything which is known and acceptable for both sides of the trade , physical or non physical) .
    I don’t know how much my bank has fiat notes available to redeem when requested. Hidden , could be faked putting all users to danger . Look at Greece few years ago ( 100’s of times even worse on global scale currency disasters happened ) .
    Crypto collateral is provable by anyone to anyone , it’s public ( on chain) .
    ID will be totally different to our current view. Robots and AI will be dominating as they do in trading, flying, driving ( already just humans scared to accept it) and more .
    New creatures ( combination AI and robots ect) drastically outperform available for human faculties.
    It doesn’t really matters in longer timeframe what we decide today, someone else at another place working on advancing tech as it shifts world power dominance .
    Enjoy our consciousness while we can ❤️.
    If I woke up healthy, hank you 😌

  • Appears a long term plan to cashless society with the introduction of special drawing rights

  • Interesting to see these very competent authorities taking seriously what at first looked like a techno-prank.

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