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Bank Of England Governor Claims Bitcoin Has "Failed" As A Currency
02-21-2018, 04:11 AM,
#1
Bank Of England Governor Claims Bitcoin Has "Failed" As A Currency
Bank Of England Governor Claims Bitcoin Has "Failed" As A Currency

<p dir="ltr"><a href="https://cointelegraph.com/tags/bank-of-england">Bank of England</a> (BoE) Governor Mark Carney declared that<strong> <a href="https://cointelegraph.com/tags/Bitcoin">Bitcoin</a> cannot be considered a legitimate currency by<em> “traditional”</em> definitions,</strong> <a href="http://www.telegraph.co.uk/technology/2018/02/19/bitcoin-failed-currency-says-mark-carney/">The Telegraph</a> reported Monday, Feb. 19.</p>

<p dir="ltr"><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDdkMmU4MWM1ZjU3YzhlNzc0NWE1N2EyNDdiNzk2Ny5qcGc%3D.jpg?itok=KX73h0wr" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDdkMmU4MWM1ZjU3YzhlNzc0NWE1N2EyNDdiNzk2Ny5qcGc%3D.jpg?itok=KX73h0wr"><img data-entity-type="file" data-entity-uuid="15ed03aa-4d82-4c60-b860-fae6c861598d" data-responsive-image-style="inline_images" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDdkMmU4MWM1ZjU3YzhlNzc0NWE1N2EyNDdiNzk2Ny5qcGc%3D.jpg?itok=KX73h0wr 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDdkMmU4MWM1ZjU3YzhlNzc0NWE1N2EyNDdiNzk2Ny5qcGc%3D.jpg" alt="" /></a></p>

<p dir="ltr">At an event at London’s Regent's University, <a href="https://cointelegraph.com/news/bank-of-england-governor-claims-bitcoin-has-failed-as-a-currency">CoinTelegraph reports </a>that Carney claimed that Bitcoin failed to meet two major requirements of a traditional currency, claiming that Bitcoin is neither a means of exchange, nor a store of value.</p>

<blockquote>
<p dir="ltr"><strong><em>"It [cryptocurrency] has pretty much failed thus far on... the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,"</em></strong> Carney told students of London’s Regent's University.</p>
</blockquote>

<p dir="ltr">However, Carney allowed that cryptocurrency’s underlying <a href="https://cointelegraph.com/tags/Blockchain">Blockchain</a> technology  <em>“may still prove useful” </em>due to its decentralised nature:</p>

<blockquote>
<p dir="ltr"><strong><em>“Cryptocurrency’s underlying technology may still prove useful as a way to verify financial transactions in a decentralised way,”</em></strong> Carney said.</p>
</blockquote>

<p dir="ltr">The argument that cryptocurrencies are not ideal for use as a medium of exchange is  usually made in regards to Bitcoin in particular. On Jan. 24, 2018  major payment processor <a href="https://stripe.com/">Stripe</a> <a href="https://cointelegraph.com/news/payment-processor-stripe-ends-support-for-bitcoin-hypes-altcoins">stopped support</a>  for Bitcoin because of high fees and slow confirmation times. Earlier on Dec. 7, 2017 gaming platform Steam <a href="https://cointelegraph.com/news/steam-stops-accepting-bitcoin-payments-citing-extreme-volatility-fees">stopped accepting</a> Bitcoin payments, citing transaction fees of up to $20 and high volatility.</p>

<p>The <a href="https://cointelegraph.com/tags/us">US</a> Internal Revenue Service (<a href="https://cointelegraph.com/tags/irs">IRS</a>), however, <a href="https://www.irs.gov/pub/irs-drop/n-14-21.pdf">defines virtual currency</a> as a <em>“digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value” </em>and has been taxing cryptocurrency as property <a href="https://cointelegraph.com/news/only-802-people-paid-taxes-on-bitcoin-profits-irs-says">since March 2014</a>.</p>

<p>*  *  *</p>

<p>One quick question for Mr. Carney - <strong><em>which one of these two 'currencies' looks more like a store of value? Which one of these two currencies is "all over the map?"</em></strong></p>

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