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Bank of England Governor Says Crypto Integration Losing Momentum
Bank of England Governor Andrew Bailey said the integration of cryptocurrencies into the global financial system has stalled as the coins struggle to win over regulators and the public. “My own sense is that it’s not taking off as what I might call a core financial service,” Bailey told the UK Parliament’s Treasury Committee on Wednesday. “For instance, using Bitcoin as a payments method is pretty inefficient.” Bailey said regulators need to “keep a very close eye” on the market but added that the cryptocurrency market’s integration into mainstream finance has not “kept the momentum.” While a ... (full story)