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


FILE PHOTO: 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 (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.

(Reporting by Andy Bruce, writing by David Milliken)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

Tesla's Musk says new chip plants should make shortage short term
India's Silicon Valley state seeks to ban online gaming, worrying booming industry
Google, India antitrust watchdog tussle in court over probe leak
Wind turbine maker plans first big Chinese-built plant in Europe
Gabby Petito's disappearance captivated the world. Why?
Russia's Yandex to launch cloud business in Germany, invest $30 million initially
Apple iPhone 13 tests whether deals, cameras will spur upgrades
Delivery robots take the strain out of shopping in UK town
Disabled people can now use Android phones with face gestures
iPhones may need redesign as EU pushes for common charger

Stories You'll Enjoy


Vouchers