Bank of England governor, Andrew Bailey: El Salvador's adoption of Bitcoin is “concerning” - Aliens: AI Crypto News & Markets Updates

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Bank of England governor, Andrew Bailey: El Salvador's adoption of Bitcoin is “concerning”

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Aliens

Fri, Nov 26, 2021

Bank of England Governor, Andrew Bailey, dubbed El Salvador’s decision to adopt Bitcoin as its main currency “concerning.” Bailey believes that the country “will probably be caught out by its volatility”, as Bloomberg reported.

While at Cambridge University, Baily answered questions on his view of the recent adoption. “It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have,” he said.

Bailey also remarked on the conditions which he believes would merit the use of cryptocurrencies.

“There is a strong case for digital currencies, but in our view, it has to be stable, particularly if it’s being used for payments. That is not true for crypto assets,” Bailey explained.

Source: Money Control

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