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Bank Of England Governor Claims Bitcoin Has "Failed" As A Currency
02-21-2018, 04:11 AM,
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="">Bank of England</a> (BoE) Governor Mark Carney declared that<strong> <a href="">Bitcoin</a> cannot be considered a legitimate currency by<em> “traditional”</em> definitions,</strong> <a href="">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=""><img data-entity-type="file" data-entity-uuid="15ed03aa-4d82-4c60-b860-fae6c861598d" data-responsive-image-style="inline_images" srcset=" 1x" src="" alt="" /></a></p>

<p dir="ltr">At an event at London’s Regent's University, <a href="">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>

<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>

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

<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>

<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="">Stripe</a> <a href="">stopped support</a>  for Bitcoin because of high fees and slow confirmation times. Earlier on Dec. 7, 2017 gaming platform Steam <a href="">stopped accepting</a> Bitcoin payments, citing transaction fees of up to $20 and high volatility.</p>

<p>The <a href="">US</a> Internal Revenue Service (<a href="">IRS</a>), however, <a href="">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="">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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