February 19, 2018 / 7:38 PM / in a month

BoE's Carney says Bitcoin has "pretty much failed" as currency

LONDON, Feb 19 (Reuters) - Bitcoin has failed as a currency measured by the traditional 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 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 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. (Reporting by David Milliken; Editing by Catherine Evans)

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