BoE Governor says ‘Huge Enthusiasm’ Around Crypto Assets Has Him Feeling ‘Skeptical’
Bank of England Governor Andrew Bailey continues to share his concerns about digital currencies. This time, he is warning about the danger of “getting carried away” with financial innovation.
“I don’t want to be seen as a Luddite,” Bailey said on Monday in response to questions in the Treasury Committee in Parliament.
“I’m skeptical about crypto assets frankly because they are dangerous, and there’s a huge enthusiasm.”
While general financial innovation is good for the economy, investors need to maintain vigilance about the underlying assets.
This is the second warning in just one month about cryptocurrencies from Bailey, who oversees banking regulation.
Earlier this month, he said at a press conference that crypto and currency don't go together for him and that digital assets “have no intrinsic value.”