Andrew Bailey appeared on the Jobs of the Future podcast to discuss Bitcoin, the world's biggest cryptocurrency, and the future of blockchain technology, and said that he doesn't believe that Bitcoin is a practical means of payment.
Bank of England Governor Andrew Bailey has expressed concern over rapidly emerging cryptocurrency assets, stating that they could be dangerous for regulated financial firms.
"It probably isn't a financial stability risk today but it has all the makings of something that could become one," Andrew Bailey said.
As the crypto market explodes in value, regulators worldwide are worried about a 2008 like global financial implosion. The latest being a Bank of England official, who likened the unregulated, interconnected, and leveraged crypto market to the subprime market before the Great Recession of 2008.
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U.S. stocks fell on Thursday as 1.2 million Americans filed for jobless claims last week
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U.K. gross domestic product fell by 10.4% from February to April
The central bank has now cut rates twice since March.
Speculation is growing that the Bank of England will push interest rates below zero.
U.S. central bank officials have rejected negative interest rates.
U.S. stocks finished higher on Thursday although 3.17 million Americans filed for unemployment last week.
The Bank of England expects the U.K. economy to shrink by 14% this year.
U.S. stocks opened higher on Thursday although 3.17 million Americans filed for unemployment last week.
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The Fed made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25 percent, where it was during the 2008 global financial crisis.