Bank of England's governor, Andrew Bailey, expressed skepticism towards cryptocurrencies during his recent speech at the London Financial and Professional Services Dinner. He stated that bitcoin (BTC) and other cryptocurrencies do not meet the standards to be recognized as money and classified them as "extremely speculative investments." Bailey emphasized the importance of singleness and finality of settlement, which he believes are essential for safe money. Singleness refers to the assurance that money holds the same value regardless of its form, ensuring equal exchangeability. The finality of settlement implies confidence that a payment has been effectively completed. While expressing reservations about cryptocurrencies, Bailey showcased his preference for what he called "enhanced" digital money. He highlighted its potential to shape the future of finance. Enhanced digital money, according to Bailey, is a form of currency based on internet systems capable of processing executable actions, such as smart contracts, going beyond the scope of central bank digital currencies (CBDCs). Bailey specifically mentioned that a retail CBDC could promote the singleness of money by providing the public with a fully functional central bank money option for everyday use. Contrasting approaches to cryptocurrencies can be observed globally. El Salvador became the first sovereign state to establish bitcoin as legal tender in September 2021, allowing citizens to transact and store wealth using BTC. Meanwhile, plans are underway in Dubai to create a Bitcoin Tower Hotel to deepen crypto ties and foster adoption. On the other hand, the Financial Conduct Authority (FCA) in Britain recently took strict action against crypto ATM operators in the region. The watchdog banned 26 ATMs across different parts of the country that were offering cryptocurrency transactions illegally. The FCA warned residents about the possibility of getting scammed and advised them to be wary of unregulated crypto ATMs. In response to the growing popularity of cryptocurrencies in the region, the UK government introduced new guidelines last month to address potential risks involved in the cryptocurrency sector. While opinions on cryptocurrencies vary among global institutions and governments, Bailey's remarks reflect skepticism and a focus on the potential of enhanced digital money through internet-based systems. The ongoing developments in various countries indicate the evolving landscape of cryptocurrencies and their regulation.