EXCLUSIVE–Former Fed Chairman Ben Bernanke may see blockchain’s potential for payments innovation, but that innovation isn’t going to involve cryptocurrenices.

This is according to remarks made by Bernanke during the Swell Ripple conference yesterday, an event that’s taking place at same time and city (Toronto) as the SWIFT Sibos conference.

At Swell, while Bernanke noted that payments is “an obvious area” where blockchain could make an impact, he also made it clear that his previous opinions on bitcoin still stand. This is despite the recent rise of ICOs, digital tokens, and the constant uptick of that particular currency’s valuation.

Bitcoin, according to Bernanke, will never replace fiat currency (as some crypto-enthusiasts hope), because governments will “take whatever action necessary” to ensure that never happens.

As world governments such as China and Russia tighten their policies on cryptocurrencies, in some cases banning their mining and trade outright, it certainly seems as though Bernanke has a point.

However, it’s worth noting that Bernanke’s remarks (and many of these recent government regulations) center specifically on bitcoin.

Other forms of digital tokens/currency may prove more useful to financial services, as least when it comes to internal systems, Lata Varghese, assistant vice president, blockchain, for technology consultancy Cognizant told Bank Innovation. A digital currency replacing fiat, not so much, Varghese said.

“I know there’s a lot of hype in the crypto market today,” Varghese said, when asked about the possibility of a global digital currency. “But when I see enterprises and how they operate, it seems hard for me to believe that we can just get there. But, people [also] said who needs a computer in every home, right?”

Digital tokens for internal systems, used as a way to replace processes that still rely mainly on Excel sheets, for instance, is a much more interesting use case for enterprises, Varghese said.

Cryptocurrency aside, blockchain seems to remain in high esteem for attendees of both Swell and Sibos; both Bernanke and Varghese highlighted its efficiency in areas like trade finance and payments.

“Obviously the potential of the technology is immense,” Varghese said, citing a Cognizant study where more than 91% of respondents believe that blockchain will have a “deep impact” in the future of their business. But, that doesn’t mean financial services doesn’t still have work to do, Varghese said.

“Where I think the industry is kind of stuck [with blockchain] is the lack of market infrastructure for some of these solutions to come and take root and get deployed,” Varghese said. “There are the legal frameworks, the regulatory frameworks, security, things are being worked out, those are very important aspects too, before a [blockchain] solution can go live.”