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Crypto Crash Survivors Could Become Tomorrow’s Amazons, BOE Says

(Bloomberg) -- The survivors of the rout in cryptoassets could become the technology companies of the future rivaling Amazon.com Inc (NASDAQ:AMZN) and eBay Inc (NASDAQ:EBAY)., Bank...
Crypto Crash Survivors Could Become Tomorrow’s Amazons, BOE Says © Bloomberg. An attendee near logos of different cryptocurrencies at the CryptoCompare Digital Asset Summit at Old Billingsgate in London, U.K., on Wednesday, March 30, 2022. Bitcoin and other cryptocurrencies had been, up until the last few weeks, mired in a similar downtrend as other riskier assets, like U.S. stocks. Photographer: Luke MacGregor/Bloomberg

(Bloomberg) -- The survivors of the rout in cryptoassets could become the technology companies of the future rivaling Amazon.com Inc (NASDAQ:AMZN) and eBay Inc (NASDAQ:EBAY)., Bank of England Deputy Governor Jon Cunliffe said.

Cunliffe compared the crash that has wiped more than $1 trillion off the value of Bitcoin and other crypto currencies this year to the dotcom collapse at the start of the millennium.

“The analogy for me is the dotcom boom, when $5 trillion was wiped off values,” Cunliffe said at the Point Zero Forum in Zurich on Wednesday. “A lot of companies went, but the technology didn’t go away. It came back 10 years later, and those that survived -- the Amazons and the eBays -- turned out to be the dominant players.”

He stressed that crypto technology has “huge applications and potential within the financial sector” even though the market is wobbling at the moment.

“Whatever happens over the next few months to crypto assets, I expect crypto technology and finance to continue.” Cunliffe said. “It has the possibility of huge efficiencies and changes in market structure.”

The BOE is developing plans for its own retail central bank digital currency and will deliver a consultation paper at the end of the year.

One key issue under investigation is whether to produce a fully independent CBDC with an “on or off ramp to fiat” money or just “something that is flexible enough” to be used in private stablecoins.

Cunliffe gave an example of stablecoins that are integrated into supply chain and logistics systems to maximize efficiency. “We couldn’t provide something that does all those things,” he said.

“The question is, are you better off having private stablecoins to be more optimized in certain areas, which then link back to a central bank ledger in some way? Or should we provide the base?” Cunliffe said.

The big philosophical question regulators face is whether to allow “fully disintegrated settlement,” which would mean regulating the AI code behind the crypto technology.

“I have the same confidence in that as a fully automated pilotless plane from London to Zurich, or a fully driverless car,” he said. “I want to know where the liability is -- if the algo goes wrong and I crash.”

“My sense is that will be very difficult for the regulatory system to cross in the near future.”

©2022 Bloomberg L.P.

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27-06-2022 10:01:53 (UTC+7)

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 EUR/USD1.0556↑ Sell
 GBP/USD1.2271↑ Sell
 USD/JPY134.90↑ Buy
 AUD/USD0.6924↑ Sell
 USD/CAD1.2879Neutral
 EUR/JPY142.40Neutral
 EUR/CHF1.0114↑ Buy
 Gold1,836.85↑ Sell
 Silver21.375Neutral
 Copper3.7927↑ Sell
 Crude Oil WTI107.92↑ Sell
 Brent Oil109.47↑ Sell
 Natural Gas6.210↑ Sell
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng22,330.50↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,775/ 6,845
(15/ 5) # 1,673
SJC HCM6,795/ 6,865
(10/ 0) # 1,694
SJC Hanoi6,795/ 6,867
(10/ 0) # 1,696
SJC Danang6,795/ 6,867
(10/ 0) # 1,696
SJC Nhatrang6,795/ 6,867
(10/ 0) # 1,696
SJC Cantho6,795/ 6,867
(10/ 0) # 1,696
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Cập nhật lúc 09:55:40 27/06/2022
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