Cryptocurrencies failing as money, but technology has promise - banker
Cryptocurrencies failing as money, but technology has promise - banker
Carney said cryptos are too volatile to operate well as a system of money
03 March, 2018, 05:35
"Crypto-assets raise a host of issues around consumer and investor protection, market integrity, money laundering, terrorism financing, tax evasion, and the circumvention of capital controls and global sanctions", he said.
In his speech, Carney praised the blockchain technology which underlies Bitcoin and cryptocurrency, but made every effort to put down cryptocurrency as a whole.
His comments come as Bitcoin's value continues to gyrate wildly, having rocketed to almost $20,000 late past year before plunging and settling at $10,890 on Friday.
On a positive note Mark Carney said that authorities of European Union and the United States are doing a remarkable job in regulating crypto exchanges. Carney said that, in order to secure market integrity and for protecting the investors, crypto-asset exchanges should be exposed to the same set of rigorous standards as that of trade securities.
He said the use of digital money raised "a host of issues around consumer and investor protection, market integrity, money laundering, terrorism financing, tax evasion, and the circumvention of capital controls and worldwide sanctions".
For now, they posed little financial stability risk to Britain as whole, due mostly to major banks' limited involvement with them.
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"The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system", Governor Carney advised.
The value of all major cryptocurrencies, including Bitcoin, plummeted in late 2017 and early 2018, largely due to tougher regulation internationally, and outright bans from China and other nations who view them as a threat to their financial systems. Their core technology is already having an impact.
Meanwhile, let's not forget that the World Gold Council recently acknowledged that cryptocurrencies pose a threat to central banks.
In his speech, he lauded the potential value of the underlying technology of Bitcoin, but said the digital currencies themselves have failed as a form of money and rejected the prospect of a central bank digital currency in the near future.
Digital currencies can allow anonymous transactions and carry risks including money laundering, terrorism financing and tax evasion.
He said: "Appropriate regulation would for the first time offer legal and regulatory protection to individual investors and high street customers seeking to benefit from the opportunities presented by cryptocurrencies, and the underlying blockchain technology".
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