Stripe Names Former BoE Governor Mark Carney To Board

Digital payments company Stripe names former BoE governor Mike Carney to the board of the company after he stepped down from the regulatory body last year and opened his doors to crypto and central bank innovation with digital currencies. In our latest cryptocurrency news, we are reading more about that.

Former Bank of England governor Mark Carney joins the board at Stripe, the US-based digital payments company. Carney said in a press release:

 “The very nature of commerce has changed over the past decade. I look forward to supporting Stripe over the coming years as they build the global infrastructure that enables the internet to become the engine for strong and inclusive economic growth.”

Following the announcement of the Facebook-led Libra initiative and then rebranded to Diem, Mike Carney called for global leaders to study digital replacements for Cash and noted that the US dollar’s hegemony was weakening but he didn’t throw away the idea of private currency replacements. Carney commented during the Economic Policy Symposium in Jackson Hole at Wyoming at that time:

 “It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies.”

He further argued that a private currency could become a better alternative to another fiat currency like the pound or the yuan which will then replace the dollar:

 “While CBDC (central bank digital currency) poses a number of opportunities, it could raise significant challenges for maintaining monetary and financial stability.”

Stripe names Carney to their board as it is a company that has mixed relationships with cryptocurrencies. After three years of offering BTC support, the company decided to delete this payment option in 2018 and started offering checking accounts as well as other banking services for commercial clients while competing with stablecoins. Privately held Stripe was valued at $115 billion on the secondary market as per Forbes.

As recently reported, The American payment processor Stripe paid $120,000 in order to resolve the allegations that its systems didn’t detect illegal transactions. The Massachusetts Attorney General’s office alleged that the company made payments which are an alleged crypto scam. The initial coin offering allegedly defrauded the customers of $8 million. Back in July, three Canadian citizens were charged with fraud in connection to PlexCoin an initial coin offering that was used to defraud the investors of $8 million according to the US Attorney Office in the Northern District of Ohio.