Statements about crypto came from the head of the Bank of England (BoE).
The head of Bank of England fintech said that crypto money has not fulfilled its purpose. BoE fintech chief said that crypto ‘does not serve any function of money’.
Hard Words From BoE Fintech Head To Crypto
At a recent event, the Bank of England’s head of fintech, Tom Mutton, criticized the anonymity of cryptocurrencies. Tom Hutton, fintech director at the Bank of England, recently spoke at the Crypto and Digital Assets Summit in London about the UK’s plans to establish a central bank digital currency (CBDC). According to one report, Hutton’s speech focused on privacy and anonymity.
While Mutton described the UK’s digital sterling plans as viable only if they “have the highest privacy standards”, he explained that such a product would never feature anonymity:
“Privacy and anonymity are used synonymously in a way they shouldn’t.”
Mutton’s comments came on top of a speech by Bank of England vice president John Cunliffe at the Innovate Finance Global Summit in London.
During the April 17 event, Cunliffe addressed CBDCs and stablecoins, telling event attendees that it will “offer the possibility of greater efficiency and functionality in payments” but “it is extremely unlikely that any of the current offerings meet the robustness standards.”
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