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Bitcoin Fails the ‘Basic Tests of Financial Services’ Said Bank of England Advisor.

Recently Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney during an interview with Bloomberg said that legacy banks are not worried about cryptocurrencies because they do not have value.

He went on saying that digital assets fail the fundamental tests of financial services.

During an interview he mentioned these things about virtual currencies. Indeed, he said that cryptocurrencies are not a great unit of exchange because they do not hold any value and they are slower than traditional payments.

It looks like Huw van Steenis is a good fit for the Bank of England because Mark Carney has a known distaste for virtual currencies.

Huw van Steenis said that banks and financial institutions are vigilant about new technologies since they want to keep being competitive. However, they are not worried about cryptocurrencies being able to challenge banks’ dominance. Nevertheless, he mentioned that his top priority is to make the United Kingdom a ‘vibrant center’ for fintech companies in the coming years.

An interesting thing is, back in March 2018, the Governor of the Bank of England, Mr. Mark Carne said that the cryptocurrency industry does not threaten the stability of the global economy.

Thus, this shows that there are several opinions regarding cryptocurrencies among top officials in one of the most important financial institutions around the world.

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