BoE Deputy Governor for Finanper ial Stability: Cryptoassets Have ‘No Intrinsiper Value’
Categories: Crypto News US
On Tuesday (May 17), Sir Jon Cunliffe, Deputy Governor for Financial Stability at Bank of England (BoE), spoke about cryptoassets at the three-day event “The Future of Everything“, which is hosted by Wall Street Journal (WSJ).According to his BoE bio, Sir Jon Cunliffe “became Deputy Governor for Financial Stability on 1 November 2013.” He is “a member of the Bank’s Financial Policy and Monetary Policy Committees, the Bank’s Court of Directors and the Prudential Regulation Committee.” He has “specific responsibility within the Bank for financial stability, for the supervision and oversight of financial market infrastructures and payment systems and for international” and is “a member of the G20 Financial Stability Board Steering Committee.” Also, he is Chair of the Bank for International Settlements Committee on Payments and Market Infrastructures.He went on to say that there are two types of cryptoassets: unbacked cryptoasets (such as Bitcoin), the main use of which he claims is “for speculative investment”; and backed cryptoassets (aka stablecoins), and for this category, he says that “regulatory authorities will need to ensure that the standards that apply to current systemic payment systems apply equally effectively to any systemic or likely to be systemic payment system using stablecoins.” He concluded his speech by saying that “crypto technology offers great opportunity”, but “it has to be a truly better mousetrap and not one that simply operates to lower standards – or to no standards at all.”