Having paved the way for digital currency innovation at the Bank of England or Bank of England, Mark Carney has formally joined the board of Stripe, a company dedicated to creating new business solutions for the Internet.
Stripe introduced Carney as a board member on Sunday and joined Krista Davis, Diane Green, Jonathan Chadwick, Sir Michael Moritz and Stripe founders Patrick and John Collison. The US-based digital payment company says it will draw on Carney’s “comprehensive expertise in global financial systems and governance,” especially in light of new efforts to tackle climate change.
“The very nature of trade has changed in the last decade. Stripe is at the forefront of creating this new digital economy by offering innovative and flexible global payment solutions for large and small businesses, ”said Carney.
“I look forward to supporting Stripe in the coming years as they build the global infrastructure that enables the Internet to become an engine for sustainable and inclusive economic growth.”
Stripe was founded in 2011 and markets itself as a complete payment processing platform for e-commerce and other forms of online business. The company first introduced Bitcoin (BTC) in 2014 and launched Bitcoin payments the following year. However, Stripe will end up releasing BTC in 2018 due to higher fees and slower confirmation times. In October 2019, Stripe also launched the Facebook-based Libra project, which has since been renamed Diem.
Although Stripe has removed Bitcoin payments, co-founder John Collison has expressed a positive view of the future of cryptocurrencies, especially in emerging markets where payment systems are still evolving.
Carney also praised digital assets, especially those backed by central banks. At the 2019 Jackson Hole symposium, Carney presented a future in which the central bank’s digital currency, or CBDC, could replace the US dollar as the global reserve currency.
Then he said: “It is an open question whether the public sector will provide such a new synthetic dominant currency, perhaps through the central bank’s digital currency network.”
Carney was fired for almost a year from his position as governor of the Bank of England. During its seven-year period, the central bank has tackled the economic downturn of Brexit and the outbreak of the coronavirus pandemic.