Bank of England Governor Slams Bitcoin, Endorses Blockchain Tech

Bitcoin cannot be considered neither currency nor asset of any kind, says Mark Carney

by Viko
20 February • 1 min
In News

Bank of England’s governor Mark Carney slammed Bitcoin, claiming it has failed as a currency, but admitted that the Blockchain technology used to develop the most prominent virtual currency may be worthwhile, Reuters reported on Monday.

Speaking in front of students at London’s Regent’s University, Carney said that the popular cryptocurrency has failed to achieve two major requirements to be considered money, as it has not become a store of value and nobody uses it as a means of payment.

However, Carney still believes in the Blockchain technology, which he considers may prove useful in terms of verifying financial transactions thanks to its decentralized nature.

According to the US Internal Revenue Service (IRS), Bitcoin represents value and can be used as a medium of exchange. Cryptocurrencies have been subject to taxation in the US since 2014.