A majority of cryptocurrencies are “extremely speculative” and have “no intrinsic worth,” Cunliffe mentioned, including that though it’s attainable some applied sciences underlying crypto might assist develop a digital model of the pound, the financial institution is contemplating a spread of choices. Whereas the central financial institution has made no resolution on utilizing distributed ledger know-how (DLT) which is presently used for cryptos, Cunliffe mentioned experimentation with decentralized record-keeping is “essential to make sure it’s appropriately thought of.”
