Cryptocurrency fails fundamental tests - Expert

[Jamie McKane]

Cryptocurrency fails fundamental tests - Expert

Cryptocurrencies fail fundamental tests of financial services, according to Huw van Steenis, senior adviser to Bank of England Governor Mark Carney.

Van Steenis, who previously worked at Schroders and Morgan Stanley, joined the BOE last year, and is currently leading a review of the future of finance. Speaking in a Bloomberg Television interview from Davos Monday, he said that digital coins such as Bitcoin aren’t currently high on his list of concerns.

[Bloomberg]

 

[Swa]

“I’m not so worried about cryptocurrencies,” he said. “They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower.”

He only has a point with the last one.