Menu
Has Bitcoin “pretty much failed” as currency?

Has Bitcoin “pretty much failed” as currency?

But the crypto-currency's underlying technology may still prove useful as a way to verify financial transactions in a decentralised way

Bitcoin has failed as a currency measured by standard benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said on Monday.

"It has pretty much failed thus far on ... the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange," Carney told students at London's Regent's University.

But the crypto-currency's underlying technology may still prove useful as a way to verify financial transactions in a decentralised way, he added in response to a question.

The central bank governor also said that, to make Britain's departure from the European Union in March 2019 as smooth as possible, British regulators intended to give financial institutions "the benefit of the doubt, beyond the last minute".

Sterling's movements were largely driven by financial speculation over Brexit, and he said British and European officials were working hard to secure a transitional deal before the end of March.

"Everyone is very focused on that. It obviously won't be a hard, legally binding agreement," he said.

"But I can tell you that if 28 leaders agree to something that has legal text associated with it, which will be part of the separation agreement, that should be good enough."

Carney made the comments in a question and answer session after giving a speech on leadership, in which he stressed the importance of humility and empathy and said financiers should not be motivated purely by profit.

(Reporting by David Milliken; Editing by Catherine Evans and John Stonestreet)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Blockchain

Featured

Slideshows

Reseller News Innovation Awards 2018: meet the top performing partners

Reseller News Innovation Awards 2018: meet the top performing partners

Reseller News honoured the industry’s finest on a standout evening for the New Zealand channel, recognising the achievements of established partners, emerging players and innovative start-ups, in front of over 460 technology leaders in Auckland.

Reseller News Innovation Awards 2018: meet the top performing partners
Champagne Reception kicks off Reseller News Innovation Awards 2018

Champagne Reception kicks off Reseller News Innovation Awards 2018

More than 460 channel leaders came together to toast the top performers of the New Zealand industry, during the opening Champagne Reception at the Reseller News Innovation Awards 2018 - in association with Techbuyer.

Champagne Reception kicks off Reseller News Innovation Awards 2018
Chasing innovation: how Kiwi partners can create a new customer agenda

Chasing innovation: how Kiwi partners can create a new customer agenda

This exclusive Reseller News Roundtable - in association with Rhipe and Microsoft - detailed a blueprint for customer success, outlining the new role of the modern-day partner and wider network in New Zealand.

Chasing innovation: how Kiwi partners can create a new customer agenda
Show Comments