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Bitcoin [BTC] and other cryptocurrencies fail basic financial tests, says Bank of England official

Akash Anand

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Bitcoin [BTC] and other cryptocurrencies fail basic financial tests, says Bank of England official
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The cryptocurrency market’s volatility and traction have been far-reaching, so much so that even prominent members of established institutions are talking about it. Bitcoin [BTC], the largest cryptocurrency in the world, has captured the attention of several people, including that of Huw van Steenis, the Senior Adviser to Bank of England Governor – Mark Carney.

Speaking to Bloomberg at the ongoing Davos meet, Steenis spoke about the inception of Bitcoin, during the 2008 financial crisis. He stated that the magnitude of the market crash was dumbfounding and was the perfect opportunity for FinTech to rise.

Even Nouriel Roubini, an American economist popularly known as Dr.Doom, was mentioned in the discussion as someone who had called the crisis before it actually happened. Roubini has been a vocal critic of the cryptocurrency industry, even comparing Ethereum co-founder Vitalik Buterin to North Korea’s Kim Jong-un.

Steenis went on to say that the major banking institutions was leading a review of future finance with a lot time being spent on the propagation of the payment and financial system. He stated that globally, banks spend only 25 percent of the total budget for digital transactions. He then focused his discussion on cryptocurrencies such as Bitcoin and explicitly said that he was not a all worried about cryptocurrencies. In his words:



“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. One of the biggest challenges for the BOE will be how to regulate new entrants to the banking system, particularly from technology firms.”

To a question about the similarity between banks and Bitcoin in terms of volatility, Steenis said that customers want cheaper, faster and better services. He also stated:

“What I love when meeting with Fintechs is their obsession with customers. The challenge is will they get customers before the traditional banks can innovate.”

The BoE official stressed the fact that the field of cryptocurrencies was not high on his worry list as they could not compete with the traditional systems.





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Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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