Despite the interest shown in decentralized ledger technology by central banks, cryptocurrencies continue to be mistrusted by the traditional financial system. This has been made apparent from comments by Andrew Bailey, the upcoming governor of the Bank of England, when addressing members of the United Kingdom Parliament at a Treasury Select Committee hearing on March 4. He stated: “If you want to buy Bitcoin, be prepared to lose all your money… [Bitcoin] has no intrinsic value.”

Despite this, seemingly convoluted efforts to “appropriate” the technology like the launch of the Venezuelan Petro and talks of centralized Central Bank Digital Currencies show that the technology is still either severely misunderstood or that it is considered a threat by the current status quo. Nevertheless, there is still a genuine effort to see the technology applied in a meaningful way while cryptocurrencies continue to establish themselves in the financial sector.

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Originally posted by:

António Madeira

CoinTelegraph

March 8th, 2020