19.02.201822:53:00UTC+00BoE’s Governor says Bitcoin Failed as a Currency

Bank of England Governor Mark Carney said that bitcoin has failed to live up to the standard of a benchmark currency and is neither a store of value nor a useful way to purchase items.

He said that bitcoin did not meet the requirements of the traditional aspects of money. He added that nobody uses it as a medium of exchange.

However, he said that the digital currency's underlying technology may still prove to be useful as a way to verify financial transactions in a decentralized manner.

The BOE governor also said that, in order to make the UK's exit from the European Union in March 2019 as smooth as possible, British regulators are looking to give financial institutions “the benefit of the doubt, beyond the last minute.”

The sterling pound's movements were mostly driven by financial speculation over Brexit and he said that British and European negotiators were working hard to clinch a transitional agreement before the end of March.