Davos: Counselor BoE bowl cryptocurrencies


At the World Economic Forum in Davos there was also talk of cryptocurrency.
Huw van Steenis – since May Councilor of Mark Carney, Governor of the Bank of England – has been interviewed by Bloomberg about the future of digital banking. Former Morgan Stanley asset manager says that currently cryptocurrencies like bitcoin, unlike fintech platforms, do not pose a real challenge for the banking sector. Referring to the crypts he says that “the most basic financial tests fail. They are not a particularly useful exchange unit, they have no value, they are slow. They are a threat, but not high on my list of concerns ”
On the ability of bitcoin to establish itself in the long run, he added that traditional financial institutions are always vigilant about maintaining their competitive advantage and their market share.


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