Cryptocurrencies are failing to displace money, Carney says
BoE governor says digital currencies are “virtually non-existent” as units of account
The governor of the Bank of England has said cryptocurrencies are failing to fulfil the any of the functions of money.
In a speech published today (March 2), Mark Carney reviewed the classic functions of money: as a store of value, a unit of account and a medium of exchange.
Cryptocurrencies, the governor said, fulfil none of money’s roles.
“Cryptocurrencies are proving poor short-term stores of value … Their worth rests on beliefs regarding their future supply and demand – ultimately whether
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