March 2, 2018 / 11:24 AM / 10 months ago

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

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

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.

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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