Senior Advisor to the Governor of the Bank of England, Hugh van Stenis (Huw van Steenis) believes that cryptocurrencies are not fundamental and financial tests do not threaten the traditional banking system. He stated this in an interview with Bloomberg TV.
Answering the question whether the cryptocurrency to become a threat to economic stability, van Stenis said:
“I don’t really care about cryptocurrencies. They fail basic tests of financial services. They are not a great medium of exchange, store value and they slowly”.
Earlier, the British financier worked in company asset management and Schroders investment Bank Morgan Stanley, the Bank of England (BoE) he joined last year. He said one of the main tasks of the Central Bank is now registering new members of the banking system, especially technology companies. But traditional banks have been slow to adopt new technologies, said Wang Stenis.
“What I like, when I meet with FINTECH companies is their obsession with customers. The problem is whether they will get them before traditional banks will be able to innovate,” concluded the adviser to the head of the BoE.
It is noteworthy that the Governor of the Bank of England mark Carney (Mark Carney) a similar position, he has previously stated that cryptocurrencies do not pose a threat to financial stability, and as the money was not held. But their technology can improve the existing financial system, recognized the head of the BoE. In summer, the Central Bank said that the upgraded system of gross payments in real time (RTGS) will be compatible with new financial technologies including the blockchain.