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Cryptos, similar assets danger to public: BoE Governor

I'm sceptical about crypto-assets, frankly, because they're dangerous and there's a huge enthusiasm out there, Bailey told the British parliament's Treasury Committee

twitter-logoReuters | May 24, 2021 | Updated 22:33 IST
Cryptos, similar assets danger to public: BoE Governor
Bitcoin has lost more than 40% of its value since hitting a record high last month

Bank of England Governor Andrew Bailey said on Monday that crypto-currencies and similar assets were a danger to the public, reiterating his long-standing concern about them.

"I'm sceptical about crypto-assets, frankly, because they're dangerous and there's a huge enthusiasm out there," Bailey told the British parliament's Treasury Committee.

Bailey has previously said people should only invest in crypto-currencies if they are prepared to lose all their money, and warned that assets such as bitcoin do not fulfil key functions of a standard means of payment.

Bitcoin has lost more than 40% of its value since hitting a record high last month.

Also Read: Cryptocurrencies struggle to find footing as miners halt operations in China

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