The Governor of the Bank of England, Mark Carney, speaks to the Scottish Economics Forum, via a live feed, in central London, Britain March 2, 2018. REUTERS/Peter Nicholls
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Cryptocurrencies such as Bitcoin are failing as a form of money and have shown clear signs of being a financial bubble, but their technology could improve the financial system in future, Bank of England Governor Mark Carney said Friday. Carney joined a chorus of concern among global policymakers over the rise of digital currencies, saying authorities needed to prevent their use by criminals and new rules were needed to treat them like other assets.Facebook banned adverts for cryptocurrencies last month and Carney said Friday that younger investors, who typically invested in them, were probably less aware of the bubbles in markets that led to the 2007-09 financial crisis.Carney's call for regulation for the sector was welcomed by a well-known cryptocurrency investor.However, Carney said regulations would be done on a country-by-country basis initially.
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