UK Banker believes crypto survivors could become tomorrow’s Amazon

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Amongst world news about cryptocurrencies, India has recently decided to add an additional tax to every future cryptocurrency transaction.

Recently, Bank of England Deputy Governor, Jon Cunliffe had some nice things to say about digital currency. Jon compared the crypto meltdown in May, where known names such as Bitcoin, Ethereum, and Terra’s Luna suffered huge losses, to the dot com crash that occurred at the beginning of the year 2000.

From 21-23 June, the Point Zero Forum took place in Zurich, which is a platform for investors, startups, and entrepreneurs on a global scale to come together and interact. Cunliffe who was present and spoke in the forum said that

Cunliffe also believes that regardless of the happenings in the crypto market, finance and the advancements in crypto technology will go far, hand-in-hand. According to him, crypto brings with it the possibilities of huge efficiencies and visible change in how the market is structured. This comes off as quite a surprising stand from the BoE as just last year, Governor Andrew Bailey stated, “if we look at the larger picture, evidence doesn’t point towards crypto being the next big thing.”

“The analogy for me here is the dot-com boom when $5 trillion just got wiped off. Many companies came and went, but the technology remained the same. The players that survived are in a dominant position right now.”

The Bank of England Deputy Governor said

As the Point Zero Forum discussion proceeded, Cunliffe talked about what opinion the Bank Of England has on crypto and digital currency, in general. An important issue that Central Bank was trying to solve at present is whether to start a completely solo CBDC which has an “on/off ramp for a fiat” or something that is “sufficiently flexible” for being used in private stable coins. 

There is a saying which says, “ Actions speak louder than words”. This cannot be more true in the clear goal of the British Government and Bank of England alike, to introduce stable coins to their country with all the necessary framework done. The Treasury department of the  British Government recently made the announcement that stable coins and bitcoins will be accepted as a form of payment from now on.

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The cryptocurrency winter has now been going on for a long time with the market too, being highly unpredictable. With the news of a major country already planning to adopt cryptocurrency as a form of payment, it won’t be late before other countries follow.

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