Existing virtual currencies are unlikely to last, according to Bank of England governor Andrew Bailey. Decentralized cryptocurrencies like Bitcoin (BTC) or Bitcoin Cash (BCH) don’t have the appropriate structure to work as a viable long-term payments method, according to Bank of England (BoE) governor Andrew Bailey. While attending the recent World Economic Forum (WEF) panel, Bailey confirmed that there have been a lot of innovative projects being launched in the digital payments space during the past few years. But Bailey also pointed out: “Have we landed on what I would call the design, governance and arrangements for what I might call a sort of lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.”