Saturday, June 12, 2021 | 05:35 pm

Bank of England’s Bailey Calls Cryptocurrencies ‘Dangerous’

Bank of England’s Bailey Calls Cryptocurrencies ‘Dangerous’

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 skeptical 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 cryptocurrencies 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.