1 month ago
Cryptocurrency News

Bitcoin Slips; Bank of England Adviser Criticizes Digital Assets

Investing.com - Bitcoin and other major digital coin prices were little changed on Tuesday in Asia, marking very small losses

Investing.com - Bitcoin and other major digital coin prices were little changed on Tuesday in Asia, marking very small losses following a setback over the weekend. Reports that the senior adviser to Bank of England commented that cryptocurrencies fail fundamental financial tests generated some attention.

Bitcoin lost 0.12% to $3,538.5 by 11:30 PM ET (04:30 GMT).

Ethereum slipped 0.19% to $116.57, XRP was down 0.34% to $ 0.31588, while Litecoin traded 0.27% higher to $30.763.

In an interview with Bloomberg, Huw van Steenis, senior adviser to Bank of England Governor Mark Carney, said digital currencies such as Bitcoin are not high on his list of concerns. According to the newswire, van Steenis is heading a review of the future of finance.

“I’m not so worried about cryptocurrencies. They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower,” he said, when asked if crypto could be a threat to economic stability.

Britain is working to develop a legal framework for cryptocurrencies. In March, the Treasury of the United Kingdom launched the Cryptoassets Taskforce to do so.

In other news, Wyoming could be the first U.S. state to provide clear banking permissions for cryptocurrencies and digital assets. Last Friday, the state legislators introduced a bill to classify digital assets as property within existing laws.

“The legislation, all taken together, make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world,” said Senator Ogden Driskill of Wyoming 1st District.