BOE's Carney says he favours cryptocurrency regulation to combat illicit activity, fraud

Author: Mike Paterson | Category: Cryptocurrency

BOE governor Carney speaking to Sky 2 March

  • cryptocurrencies failing in role of money
  • FSB will report to G20 this month on stability issues
  • cryptocurrencies not material financial stability risk
  • isolating them may not be the best option
  • sees need for better regulation
Adds Carney:
"It has all the hallmarks of a bubble. And normally they end with a pretty brutal reckoning," adding that the idea that Bitcoin would ever be used as a replacement mainstream currency was "an impossibly high bar".

Nothing on mon pol . Full interview here

Carney has also spoken in Scotland on " The future of money" and concludes:

"While Adam Smith was cautious about the role of the state, he recognised it should furnish the rules and conditions within which private innovation can flourish. In the monetary sphere, this means providing money which citizens can use with confidence and ease.
The Bank of England delivers just that through the quality of our banknotes, the stability of UK inflation, the resilience of our financial system, and efficiency and reliability of our core payment systems.
We are overhauling our system, RTGS, so that private innovation can flourish. Bringing crypto-assets onto a level regulatory playing field could also catalyse private innovation to create a more resilient, effective payments system.
With these foundations in place, the scene is set for better payments, a better economy and a better Friday night out."

Bitcoin finding support into $10800 again after retreat from $11100

GBPUSD drifting off again at 1.3768 with EURGBP pushing up to test 0.8925-30 res/offers and GBPJPY down again to 145.49

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