Bank of England Governor Rejects Cryptocurrencies as Money

Bank of England Governor Advocates Enhanced Digital Money over Crypto

Bank of England Governor Andrew Bailey stated that cryptocurrencies and stablecoins are not money due to their failure to meet the criteria of singleness and settlement finality. Instead, he advocates for the development of "enhanced digital money," including central bank digital currencies (CBDCs), which would promote the singleness of money. While Bailey believes that enhanced digital money does not have to be exclusive to central banks, he highlights the advantages of a retail CBDC, offering the public the option to use fully functional central bank money in their everyday lives. 

He also mentioned that the Bank of England has upgraded its Real-Time Gross Settlement (RTGS) system, positioning it well for integrating CBDCs with tokenized transactions. Bailey emphasized that cash will remain relevant.