Speaking at the Point Zero Forum in Zurich on June 22, the U.K. central banker said: According to him, this technology has “huge applications and potential within the financial sector” despite the current uncertainty, adding that: Meanwhile, the report said that the U.K.’s banking authority was exploring the possibility of developing its own retail central bank digital currency (CBDC) and planned to produce a consultation paper by the end of 2022.
BoE’s views of crypto
Interestingly, one week before, Finbold reported on BoE’s Governor Andrew Bailey discrediting crypto as having “no intrinsic value” while addressing the U.K. Parliament Committee. He based his opinion on the recent decline of the crypto market. In December, Cunliffe warned that the rapid growth of crypto could pose a serious threat to the established financial system, stressing that most of the risk emanated from the market’s volatility while admitting that major assets like Bitcoin (BTC) were becoming mainstream. At the same time, a BoE blog post disparaged Bitcoin as “worthless”, stating that the flagship digital currency did not meet many of the requirements necessary to be a currency and that it was intrinsically volatile.
