Bitcoin is one of the most important cryptocurrencies globally; however, it is not relevant to England. Andrew Bailey will be to govern the Bank of England; he has long disagreed with including this cryptocurrency.
For Bailey, Bitcoin is unimportant since it does not have its value. The official bank of England conducted a consultation to answer several questions about some topics that included cryptocurrencies. Among all his statements, the governor expressed that bitcoin has only value when each user trusts it.
Users who use Bitcoin are very pleased with the advantages they can obtain through this virtual currency. But for Bailey, that retailers make use of this cryptocurrency is very troubling. 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, Bitcoin has gone through a lot of questioning and other cryptocurrencies. This problem is that for Bailey, it is not good to use cryptocurrencies to make payments until now were made with fiat currency. For this governor, most retailers do not understand the specific use of bitcoin.
And that is why, he still feels some suspicion about this cryptocurrency, and its inclusion in England will continue to be a matter of discussion. 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 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, Canada, to make a document about CBCD, and how it should operate to demonstrate efficiency in stable currencies. Each nation’s currencies can offer many benefits over other monetary options, and it is why this governor fights.