Britain’s central bank expressed apprehension on payment through bitcoin

The Bank of England (BoE) has once again expressed its stance against bitcoin. BoE Governor Andrew Bailey said that bitcoin as a means of payment is not good. He believes that there is no value attached to this largest cryptocurrency by market cap. In the past few weeks, the crypto market, including bitcoin, has taken a big hit and has caused millions of dollars in losses to investors.

Even before this Bailey bitcoin was opposed. He said, “Proponents of bitcoin might be angry with me because I said there is no value behind it. It may have external value because people want to buy it. People collect many kinds of things but bitcoin has no value,” he said. There is no value. I don’t think it is a viable mode of payment.” Bailey believes that due to bitcoin’s decentralized and high volatility, it poses a big risk to the market. In December last year, he expressed apprehension about the citizens of El Salvador. El Salvador granted legal status to bitcoin last year. Bailey said the citizens of El Salvador may not be aware that it could harm their financial situation.

However, Bailey is not opposed to blockchain technology. He said that the use of this technology is interesting. Bailey claims that they do not own any cryptocurrency. The UK government last month approved stablecoins as a payment option.

stablecoins There are cryptocurrencies that try to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets. USD Coin, Tether and Binance USD are some of the popular stablecoins, which are pegged to the US Dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange. It is often used by traders to remit funds. Major stablecoins can be exchanged for bitcoin or other cryptocurrencies. <!–


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