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Bank of England chief: Cryptocurrencies are global speculative mania

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Staff Writer | March 3, 2018
Mark Carney
Currency   Mark Carney

Bank of England Governor Mark Carney launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets.

In a speech to the Scottish Economics conference in Edinburgh, Carney said a "global speculative mania" has "encouraged a proliferation of new cryptocurrencies" and said they should be held to the "same standards" as the rest of the financial system.

"Being part of the financial system brings enormous privileges, but with them great responsibilities," Carney said.

Bitcoin, whose birth nearly a decade ago is clouded in mystery, is the world's most popular virtual currency. Like others, it can be converted to cash when deposited into accounts at prices set in online trading.

It also has been hugely volatile, posting some dizzying intra-day rises and falls over the past year or so. The price of a single bitcoin rocketed to nearly $20,000 late last year and then plunged early this year. On Friday, after Carney's comments, it was trading just below the $11,000 mark.


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