Mark Carney, one of the most prominent central bankers of the post-financial crisis era, has officially joined the digital payments company. Stripe has all but abandoned cryptocurrency payment solutions for the time being, but its founders are positive about the emerging industry.
The U.K. central bank governor believes existing cryptocurrencies will fail over the longer term due to their robust privacy features.
Deputy Governor Jon Cunliffe says protecting bank business models is not BoE’s responsibility.
ECB President Christine Lagarde says the impetus for a central bank digital currency could come from the need to facilitate cross-border finance.
“We will continue to explore the pros and cons of CBDC,” said Tom Mutton.
Central bank digital currency interest continues gaining global traction.
“It may have extrinsic value in the sense that people want it,” said Bailey.
Speculation clogs up blockchains, making them harder to use and ultimately less valuable, a working paper suggests.
Financial stability was a key factor in the Bank of England’s decision to hold stablecoin payment systems to the same regulatory standards as existing payment chains.
The working group will pool research into CBDCs.