Bitcoin is one of the most important cryptocurrencies globally; however, it is not relevant to England. Andrew Bailey will govern the Bank of England. He has long disagreed with including this cryptocurrency.
For Bailey, Bitcoin is unimportant since it does not have value. The official bank of England conducted a consultation to answer several questions surrounding cryptocurrencies. Among all his statements, the governor expressed that Bitcoin only has value when each user trusts it.
Users of Bitcoin are very pleased with the advantages they can obtain through this virtual currency. However, Bailey is concerned about retailers using cryptocurrency. The volatility in the prices managed by cryptocurrencies is one factor that has not allowed their acceptance in England.
Will Bitcoin ever be included in England?
In England, cryptocurrencies have undergone multiple scrutinies. Bailey’s opinion is that it is not good to use cryptocurrencies to make payments until made into a stable fiat currency. For this governor, most retailers do not understand the specific use of Bitcoin.
This is why Bailey still feels some suspicion about this cryptocurrency and why its inclusion in England’s financial system remains controversial. The G20 has also been part of these discussions, while updates are added to the local currency regulations.
The difference between Bitcoin and the currency used in Great Britain (GB) is that GB is backed by the pound. If it is a currency that meets the requirements requested by British banks and Bailey, the pound is the only one that must operate in England and must be used by retailers.
This bank, which operates in England, has joined with countries such as Switzerland, Europe, and Canada to document CBCD and how it should demonstrate efficiency in stable currencies. Each nation’s currencies can offer many benefits over other monetary options, and it is why this governor fights.
