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BoE: Bitcoin not a currency

Categories : Cash generates security, Cash is trust
March 1, 2018
Published in : Bitcoin, Cryptocurrency
Mark Carney, the Governor of the Bank of England, blatantly stated that bitcoin has not proven itself a currency due to its volatility and it not being very useful for everyday purchases.
Communication Team

Bank of England Governor Mark Carney stated that bitcoin has failed as a currency during a presentation at Regent’s University in London. He explains that the digital money doesn’t satisfy any currency’s defining attributes such as being a store of value or a useful means of exchange – in reference to the digital currency’s volatility and poor acceptance rate.

Carney, however, does believe that the technology behind it, the blockchain, could be useful for other applications. These statements come at a time when a number of central banks have admitted exploring options for the development of digital national currencies.

In regards to cryptocurrencies, other governments have expressed their concern from China to the US; from Singapore and now even Spain. Just recently, the Spanish National Stock Market Commission (CNMV) published describing bitcoin as a volatile and unstable cryptocurrency. The report also warns investors about the risks related to crypto and ICO investments as none have been listed or verified by the Spanish authorities.  

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