Legacy banks are not worried about crypto because it has no value and fails the fundamental tests of financial services. That’s the assessment of Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney.
Van Steenis says while traditional banks are always trying to fend off competition from new fintech platforms, he’s not losing any sleep over cryptocurrencies like bitcoin.
“I’m not so worried about crytocurrencies,” Van Steenis tells Bloomberg (video below). “They fail the basic tests of financial services.”
They’re not a great unit of exchange. They don’t hold value, and they’re slower. Van Steenis made the remarks from Davos, Switzerland, where the 2019 World Economic Forum is being held this week.