The Bank Of England Governor Is Open-Minded About Centrally Issued Cryptocurrencies

For some bankers and financial directors, the use of cryptocurrencies is out of the question because they pose a certain threat to their business model. But now, things are changing. Even personalities that have been notoriously critical of cryptocurrencies and its applications can see that banking and cryptocurrencies can compliment themselves. This is the case of Mark Carney, the Bank of England Governor, who has said at a panel in Stockholm that he was open-minded about the possibility of cryptocurrencies issued by central banks, according to an article by Bloomberg, after being openly critical and having bashed cryptocurrency repeatedly.
But, as he said that he was open-minded about the issue, he also reaffirmed that, for him, cryptocurrencies currently cannot fulfill the role of money. The panel dealt with the future of central banking and the influence of central banks on the economy. He also referred to the fact that bank institutions need more than bankers to manage the whole banking matter, and that they were boosting diversity, hiring people from different backgrounds.
Carney has been adamant on his skepticism about cryptocurrencies, telling that they have failed as money and that they do not pose a serious risk to the world central banking system; but has also recognized that blockchain, the technology that fuels cryptocurrencies, has a large number of applications in several fields.
Centrally issued cryptocurrencies are not a new subject. They are cryptocurrencies controlled and issued by Federal Banks of each country. Many countries are planning to issue an official cryptocurrency, like Iran. But the only experiment of a central cryptocurrency is the Venezuelan Petro, with awful results, being banned from the USA market by President Trump and excluded from exchanges even before being listed. But the same Bank of England has published academic papers that explain the possible uses of a central cryptocurrency. Carney said that this was not an imminent application, but nonetheless, different application modes of it are being studied right now.

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