Bank of England Governor Mark Carney has defended the idea of cryptocurrencies in London on Tuesday.
According to the Star media outlet, Carney claims that the high costs of moving money across borders, especially for small businesses, is of the key pitfalls of the current economic industry.
"That’s not good enough in this day and age. Those payments should be instantaneous, it should be the same as us exchanging a banknote online. It should be virtually costless and it should be 100 percent resilient. There are different ways to solve that but the challenge — this is for the U.K. — is to bring online payments and other payments up to the standard that is found in a number of major emerging economies and a few advanced economies," Carney said.
Anyway, Carney admits that any developments in the cryptocurrency industry "will be scrutinized by authorities."
Previously Carney urged to replace the dollar with a new Libra-like currency.
The Governor of the Bank of England was one of the first officials who predicted that Libra digital assets would face the highest standards of regulation.