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Bank of England Governor Mark Carney says Bitcoin is for 'Losers.'
03 March 2018, 05:01 | Kenneth Drake
Governor makes Bitcoin predictions
In a speech delivered to the inaugural Scottish Economics Conference in Edinburgh, Mr Carney branded cryptocurrencies a "failure", a lottery and said they exhibit the "classic hallmarks of bubbles" that attract "fools".
"In my view, holding crypto-asset exchanges to the same rigorous standards as those that trade securities would address a major underlap in the regulatory approach", said Carney.
However in his view, "crypto-assets do not appear to pose material risks to financial stability" as their combined global market capitalisation are less than 1% of global GDP and now, no major United Kingdom high street or online retailer accepts Bitcoin as payment. Only a very small proportion of the public in the United Kingdom have invested at this time and from recent polling research we know that it's mostly young people who have done so.
"The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system", he added.
If the world of crypto-currencies such as Bitcoin are the Wild West, a new sheriff just swaggered into town.
Worldwide regulators on the Financial Stability Board are studying this, and the Governor said it is a topic for the G20 meeting later this month.
"Cryptocurrencies are proving poor short-term stores of value", he said.
Digital currencies threaten stability because people may invest substantial amounts - mistakenly believing they are regulated - causing further loss of faith in the financial system if they collapse.
"Crypto has the potential to be hugely disruptive to the major financial centers, which is partly behind the heavy-handed response from Mark Carney".
If Governor Carney has his way, they will be saying: I fought the law and the law won.
Apple will launch 'the biggest iPhone ever' later this year
The brand may come out of its comfort zone for once as they plan to launch their phones with support for dual SIM cards in 2018. Like the iPhone X, the larger model will include a Face ID scanner that unlocks the device and enables payments.
Hands on: Nokia 8 Sirocco review
For photography, the smartphone features a 5-megapixel camera with LED flash, and a 2-megapixel selfie camera with selfie flash. While the key specifications remain same as on the last year's Nokia 8 , the new Nokia 8 Sirocco comes with a refreshed design.