Mr Bailey said there has been huge innovation in payments in recent years and there are “still some very big gaps to fill” with cross border remittances an obvious area for upgrading because the cost of making payments is too high.
While he said digital innovation is here to stay because there are “big challenges to solve”, existing currencies do not have a structure that will allow them to last.
“Have we landed on what I would call the design, governance, and arrangements for what I might call a lasting digital currency,” he asked the panel.
“No, I don't think we're there yet, honestly. I don't think cryptocurrencies as originally formulated are it", he said.