Cryptocurrencies ‘Failing’ as Money

Bank of England Governor Mark Carney has doubled down on his recent criticisms of criticisms of cryptocurrencies, arguing Friday that they are “failing” in their quest to fulfill the roles of money.
Carney, who also serves as the Chairman of the G20’s financial stability board, made this statement in a speech at the Scottish Economics conference, arguing that cryptocurrencies are not a viable alternative to fiat currency. The central banking chief said that Bitcoin and its peers are poor stores of value, inefficient media of exchange, and virtually non-existent as units of account.
Previously, Carney had told a group of students at the London-based Regent’s University that Bitcoin was not a legitimate currency, citing the same evidence to make his case. However, proponents would likely respond that these criticisms are unfair, given that cryptocurrencies have been circulating for less than a decade and most people have likely only learned about them during the past year.


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