March 2, 2018 / 11:24 AM / 7 months ago

Bank of England's Carney says some crypto-currencies will gain from regulation

LONDON (Reuters) - Some crypto-currencies will gain from being regulated but many others will fall by the wayside, Bank of England Governor Mark Carney said on Friday.

The Governor of the Bank of England, Mark Carney, speaks to the Scottish Economics Forum, via a live feed, in central London, Britain March 2, 2018. REUTERS/Peter Nicholls

Carney said crypto-currencies were failing as a form of money and showed many characteristics of a bubble in a speech earlier in the day, though he added that the technology showed some promise in cutting financial transaction costs.

“I think bringing crypto-currencies into the regulated tent, if you will, some will grow ... many more will fall by the wayside, but that’s a good thing. That’s a level playing field,” Carney said in an interview with Bloomberg TV.

Reporting by David Milliken and Alistair Smout; Editing by Stephen Addison

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