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LONDON (Reuters) – Bitcoin has failed as a currency measured by the traditional benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said on Monday.

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney told students at London’s Regent’s University.

But the underlying technology may still prove useful as a way to verify financial transactions in a decentralized way, he added in response to a question.

The central bank governor also said sterling’s movements were largely driven by financial speculation over Brexit, and he said British and European officials were working hard to secure a transitional deal before the end of March.

Reporting by David Milliken; Editing by Catherine Evans


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