Cryptouloulite misses basic tests of financial services, according to Huw van Stenis, senior adviser to Mark Bankney, Governor of the Bank of England.
Van Stenis, who previously worked at Schroders and Morgan Stanley, joined BOE last year and is currently conducting a review of the future of finance. In an interview with Bloomberg Television from Davos on Monday, he said digital coins such as Bitcoin are not currently on the list of concerns.
"I'm not so worried about the crypto-clay," he said. "They fail with the main tests of financial services. They are not a large unit of exchange, they do not have value and are slower. "
One of the biggest challenges for BOE will be how to regulate new entrants in the banking system, especially from technology companies, he added.
"What I love when I meet Fintehs is their obsession with customers," he said. "The challenge is whether they will get customers before traditional banks can bring innovations."