Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Cryptocurrencies are risky for consumers, says BoE's Haldane

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/07/2018 | 12:36am CEST
A copy of bitcoin standing on PC motherboard is seen in this illustration picture

LONDON (Reuters) - Cryptocurrencies pose a risk to British consumers, though not to the financial system as a whole, the Bank of England's chief economist, Andy Haldane, said on Tuesday.

“There’s lots of potential risks there, one of which is the danger to the consumer from buying into this stuff,” Haldane said in a BBC television interview.

Bitcoin <BTC=>, the best known cryptocurrency, soared in value from around $1,000 at the start of 2017 to almost $20,000 in mid-December, before tumbling below $6,000 last month and then staging a partial recovery.

Haldane's concerns are similar to those expressed by BoE Governor Mark Carney in a speech on Friday, and previously by Britain's Financial Conduct Authority.

Many global regulators have warned about cryptocurrencies this year and China has banned financial institutions from processing them. Carney said this would be a step too far, given the potential of the underlying technology to improve payments and asset clearing and settlement.

Haldane said the BoE continued to monitor cryptocurrencies, and that at less than 1 percent of total global wealth, they did not pose a big danger to the world's financial system.

But asked if he would invest in cryptocurrencies himself, Haldane said he was very risk averse, and would not.

(Reporting by David Milliken; Editing by James Dalgleish)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
03:20pBank of England can unwind QE without hurting economy - Vlieghe
RE
03:19pIRAN DEAL : EU and partners set up mechanism to protect legitimate business with Iran
PU
03:19pFHFA FEDERAL HOUSING FINANCE AGENCY : House Price Index Up 0.2 Percent in July
PU
03:19pIRU INTERNATIONAL ROAD TRANSPORT UNION : Beyond globalisation – rebalancing towards a regional world
PU
03:19pFAS FOREIGN AGRICULTURAL SERVICE : Private Exporters Report Sales Activity for Mexico
PU
03:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
03:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
03:07pRyanair not informing passengers about strike, Belgian union says
RE
03:04pADRIATIC LNG : Tim Kelly is the new Managing Director
PU
03:03pUNITED STATES : S&P Case Shiller Index worse than estimates at 5.9%
Latest news "Economy & Forex"
Advertisement