Cryptocurrencies Fail Fundamental Tests, BOE's van Steenis Says

Cryptocurrency mining rigs operate in a cargo container at the Golden Fleece cryptocurrency mining company in Kutaisi, Georgia. Bloomberg Bloomberg BloombergBloomberg

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By Tom Keene, Francine Lacqua, and David Goodman

January 21, 2019 at 6:43 AM EST

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Cryptocurrencies fail fundamental tests of financial services, according to Huw van Steenis, senior adviser to Bank of England Governor Mark Carney.

Van Steenis, who previously worked at Schroders and Morgan Stanley, joined the BOE last year, and is currently leading a review of the future of finance. Speaking in a Bloomberg Television interview from Davos Monday, he said that digital coins such as Bitcoin aren’t currently high on his list of concerns.

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