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Bank Of England Backs Tough Regulations For Virtual Currency

The governor of the Bank of England has said “the time has come” to subject virtual currency businesses to the same tough standards faced by the regulated financial services sector.

Speaking at Friday’s inaugural Scottish Economics Conference at Edinburgh University, Mark Carney cast doubt on the ability of virtual currencies, including Bitcoin, Ethereum and hundreds of alternatives, to function as a serious competitor to established payment systems.

However, he said they pose serious problems to policymakers and regulators.

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