BOE Advisor: Crypto Fails Fundamental Tests, But Banks Face Growing Competition from FinTech Companies3.6

It’s no secret that those who are heavily involved in the world’s traditional banking systems have a disdain for crypto, likely because of the many ways the relatively young technology challenges the traditional notions of banking.

While offering a somewhat cliché opinion about the cryptocurrency markets, Huw van Steenis, the senior advisor to the Bank of England Governor Mark Carney, said that cryptocurrencies fail fundamental tests that mark a solid and successful financial tool.

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