Cryptocurrencies fail fundamental tests of financial services, according to Huw van Steenis, senior adviser to Bank of England Governor Mark Carney.<\/p>\n
Van Steenis, who previously worked at Schroders and Morgan Stanley, joined the BOE last year, and is currently leading a review of the future of finance. Speaking in a Bloomberg Television interview from Davos Monday, he said that digital coins such as Bitcoin aren\u2019t currently high on his list of concerns.<\/p>\n
\u201cI\u2019m not so worried about cryptocurrencies,\u201d he said. \u201cThey fail the basic tests of financial services. They\u2019re not a great unit of exchange, they don\u2019t hold value, and they\u2019re slower.\u201d<\/p>\n
One of the biggest challenges for the BOE will be how to regulate new entrants to the banking system, particularly from technology firms, he added.<\/p>\n
\u201cWhat I love when meeting with Fintechs is their obsession with customers,\u201d he said. \u201cThe challenge is will they get customers before the traditional banks can innovate.\u201d<\/p>\n
Cryptocurrencies fail fundamental tests of financial services, according to Huw van Steenis, senior adviser to Bank of England Governor Mark Carney.<\/p>\n","protected":false},"author":341034,"featured_media":252401,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,191,56846],"class_list":["post-292976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency","tag-financial-services"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/292976"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=292976"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/292976\/revisions"}],"predecessor-version":[{"id":292978,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/292976\/revisions\/292978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/252401"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=292976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=292976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=292976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}