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Governor of the Bank of England: “buy cryptocurrencies if you are not afraid to lose everything”

The Governor of the Bank of England, Andrew Bailey, known for his dislike of cryptocurrencies, said that investing in crypto assets should only be for those who are not afraid of losing everything.

During a press conference on Thursday, Bailey emphasized that digital assets alone are worthless:

“I’m afraid cryptocurrencies have no intrinsic value. This means that people do not put any value into their creation. They can be judged externally. But they have no inner one. ”

Also, the Governor of the Bank of England said that he does not like to combine the words “crypto” and “currency”. In his opinion, it is necessary to use “more neutral” terms such as “cryptoasset”.

Back in the spring of last year, Bailey said that investors need to be prepared to lose all investments when buying bitcoin and other cryptocurrencies. In his opinion, a sufficiently stable digital currency has not yet been created that would be worthy of investment. But the Governor of the Bank of England has a much more positive attitude to stablecoins, as he considers them to be secured.

At the same time, the department he leads is studying the possibility of issuing its own digital currency since last summer, and in the middle of last month a special working group was assembled on this matter. She will coordinate research on the release of the UK government cryptocurrency and assess the risks of this project.

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