[Taklimakan Blog] The Head of the Fintech Sector in the UK Doubts the Future of the Cryptocurrency Market
Cryptocurrencies are unlikely to become a full-fledged new stage in the evolution of digital payments around the world, the curator of the UK fintech sector believes
Ron Kalifa, curator of the UK fintech sector and independent director of the Bank of England, doubts that the cryptocurrency market will be the next step in the development of digital payments. Kalifa wrote about this in the author’s column of the Financial Times.
Ron cites bitcoin as an example of the insolvency of the crypto market for international adoption.
Initially, the cryptocurrency was considered even by the creator of Satoshi Nakamoto himself as a means of payment. However, bitcoin was never able to become a full-fledged means of payment in everyday transactions due to high volatility, Kalifa notes.
Looking for a new solution, stablecoins have emerged, the most prominent example being Facebook’s digital currency Libra.