M. Carney: The Bitcoin Has Failed

The bitcoin failed as a currency and is neither a way to preserve value nor a convenient way to buy things, said Mark Carney, the head of the British Central Bank.
According to him, it can be said that, to a great extent, the bitcoin has failed so far in terms of traditional aspects of money. It is not a means of preserving value because of its extraordinary volatility. No one uses it as a asset for goods exchange, said Carney to students at a London university.
However, crypto-technology that stands behind the bitcoin may still be useful as a way to verify financial transactions, Carney said, answering a question.
The head of the British Central Bank also said that in order to move as smoothly as possible to leaving the EU in March 2019, British regulators intend to give financial institutions the benefit of suspicion to the last minute.
The movements of the British pound are largely determined by speculation about the UK's leaving the EU's borders and how smooth this process will be.
According to Carney, everyone is focused on BREXIT. However, this is unlikely to be a difficult and legally binding process. Still, if 28 leaders unite for something that has a legal text related to it, what the exit agreement will be, then that will be good enough, said Carney.
Carney's comments became reality in a series of questions and answers, in a speech in which he called for financiers not to be motivated in their decisions, only driven by profits.

Carney: Brexit will limit the expansionary policy of BoE

Last week, we witnessed an interesting phenomenon - the British Central Bank raised interest rates for the first time in nearly a decade, and the British currency collapsed against other major currencies.
Contrary to logic, as the interest rate rises the national currency, the depreciation of the pound is explained by the expectation that the ECB will not raise interest soon.
A testimony of this was given by Mark Carney's last statement. The head of the central bank said in a special interview that Bexit's uncertainty could actually hurt the British economy in the short term and thus curb the central bank's ability to further raise interest rates.
Carney also warned that Britain's most affected by the interest rate hike would be mortgage lending for the purchase of property. This is very likely to make property in the UK even more inaccessible.
Brexit is only 508 days away, but for most businesses their alarms are set for much earlier, according to market observers. About 10% of British businesses are already slowly starting to reposition their businesses and move their workforce outside of the UK.