Technology

Bank of England's Bailey calls crypto-currencies 'dangerous'

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Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS

LONDON, May 24 (Reuters) - Bank of England Governor Andrew Bailey said on Monday that crypto-currencies and similar assets were a danger to the public, reiterating his long-standing concern about them.

"I'm sceptical about crypto-assets, frankly, because they're dangerous and there's a huge enthusiasm out there," Bailey told the British parliament's Treasury Committee.

Bailey has previously said people should only invest in crypto-currencies if they are prepared to lose all their money, and warned that assets such as bitcoin do not fulfil key functions of a standard means of payment.

Bitcoin has lost more than 40% of its value since hitting a record high last month. read more

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Reporting by Andy Bruce, writing by David Milliken

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