During a discussion at the Bank of England’s Open Forum, he said private currencies will fail to take off “because there is no lender of last resort – there will always be boom and bust”.
During a financial crisis, central banks such as the Bank of England are able to change the supply of money in order to calm crises, which is not possible to do with a private currency. The lender-of-last-resort role is one the Bank adopted over a century ago.
Weber’s sentiment was echoed by Bank of England deputy governor Minouche Shafik.
“Liquidity is a public good, central banks are well placed to provide it,” she said.
However, Weber talked up the benefits of blockchain, the technology that underpins bitcoin transactions. It has been lauded as an ultra-efficient way to manage transactions.
In fact, UBS has its very own blockchain lab in London, where a group of boffins are currently exploring the ways in which blockchain technology can be used in financial market transactions.
- Graph Blockchain Implements IoT Sensors for the Agriculture and Cannabis Sector - April 23, 2019
- Blocknet Release Beta Version of Multi-Blockchain Router – XRouter - April 23, 2019
- Alt Thirty Six Raises $10 Million In Series A Funding For Cannabis Blockchain Payment Solution - April 23, 2019
- Nine Major Universities to Build Blockchain Solution for Digital Academic Credentials - April 23, 2019
- Blockmason to Launch Blockmason Credit Protocol Token (BCPT) on Binance Chain - April 23, 2019
- Vinny Lingham’s Blockchain Startup Civic Cuts New Deals with a Dozen Retail Partners - April 23, 2019
- 220 Partners at JPMorgan’s Blockchain Project – New Features - April 23, 2019
- SIM Card Swapper: 21-Year-Old Cryptocurrency Thief Gets 10 Years in US Prison - April 23, 2019
- Indian Central Bankers Excludes Cryptocurrency Projects from it’s New Startup Fintech Sandbox - April 19, 2019
- Enterprise Ethereum Alliance Plans to Launch New Token Taxonomy Initiative - April 19, 2019
- Social Blockchain Project BitGive Signs Deal with Uphold - April 19, 2019
- Crypto Wars Continue – Bitcoin’s Self Proclaimed Founder Craig Wright Threatens to Sue Ethereum’s Vitalik Buterin - April 19, 2019
- Gate.io Exchange Releases IEO Startup Platform and Launches First Project with CNNS - April 18, 2019
- Telegram Cuts Deal With Wirecard to Build Blockchain Shared Payment and Banking Solutions For TON - April 17, 2019
- Token-as-a-Service (TaaS) Shuts Down – Distributes Assets to Token Owners - April 17, 2019
- eToroX Launches 8 Stablecoins on New Cryptocurrency Exchange - April 17, 2019
- Powerhouse Production Company Endemol Shine International Partners with Blockchain Startup BitMovio - April 17, 2019
- Huobi Prime’s Second EO Launch – Two Billion NEW Tokens Sold in Six Seconds - April 17, 2019
- Panxora safeguards ICO assets with crypto treasury management service - April 17, 2019
- Turing Award Winner and MIT Cryptographer, Dr. Silvio Micali, Publicly Opens TestNet at VC-backed Algorand Blockchain - April 16, 2019