Go to ...

Economics Gazette

Economy and Business news

RSS Feed

November 20, 2019

Bitcoin failed as a currency according to Mark Carney

Mark CarneyThe Bitcoin failed as a currency, measured by default criteria, and has no value nor a useful way to buy things, revealed the Governor of the Bank of England Mark Carney.

“This has largely failed so far … in terms of traditional aspects of money. It’s not a value store because it’s everywhere. No one uses it as a means of exchange”, said Mark Carney to students at London’s Regent’s University. “But the core technology behind the cryptocurrency could be useful as a way to test financial transactions in a decentralized way”, Carney added in response to a question.

The Central Bank Governor also said that in order to allow Britain to withdraw as smoothly as possible from the European Union in March 2019, the British regulators intend to give financial institutions “the benefit of doubt beyond the last possible minute”.

“The British pound movement is largely driven by financial speculation against Brexit”, says Carney, adding that British and European officials are working hard to secure a transitional deal by the end of March. “Everyone is focused on that. Obviously it will not be a firm, legally binding agreement. But I can tell you that if the 28 leaders agree to something that has a related legal text that will be part of the Brexit agreement, then it must be good enough”, added he.

The Governor of the Bank of England made his comments during a session of questions and answers after he lectured on leadership, stressing that it was important for people to show modesty and empathy, adding that financiers should not be motivated solely by profit.

Carney also highlighted the need for direct messages from central bankers.

As for humility, he praised leaders who “recognize their weaknesses”. The politicians must share this ambition, according to him. “We must remember that while we are trying to make financial crises less probable and less severe when they happen, we can not remove them”, added he.

Leave a Reply

Your email address will not be published. Required fields are marked *