Present day cryptos won’t last long – Bank of England

The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.

Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:

“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”

In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.

What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.

• The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
• The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
• The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
• Bitcoin’s price is currently $32,164.91.
• Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.