The Deputy Governor of the Bank of Canada (BoC), Tim Lane, said on Wednesday that cryptocurrencies such as Bitcoin are a flawed payment method, Bloomberg reported.<\/p>\n\n\n\n
Lane also pointed to the costly verification methods and the digital currencies\u2019 unstable purchasing power.<\/p>\n\n\n\n
\u201cOur view remains unchanged, a digital currency is by no means a foregone conclusion. That said, the world has been changing even faster than we expected.\u201d<\/p><\/blockquote>\n\n\n\n
<\/p>\n\n\n\n
Commenting on the recent surges in cryptocurrencies, the BoC deputy governor said that it has resulted from speculative mania.<\/p>\n\n\n\n
\u201cThe recent spike in their prices looks less like a trend and more like a speculative mania, an atmosphere in which one high-profile tweet is enough to trigger a sudden jump in price.\u201d<\/p><\/blockquote>\n\n\n\n
<\/p>\n\n\n\n
The remark clearly points to recent surges in Bitcoin and Dogecoin following tweets from famous billionaire and businessman Elon Musk.<\/p>\n\n\n\n
Bitcoin soared earlier this week after Musk\u2019s Tesla decided to invest $1.5 billion in the world\u2019s largest cryptocurrency in terms of market cap.<\/p>\n\n\n\n
\u201cOnly a central bank can guarantee complete safety and universal access, and with public interest , not profits, as the top priority.\u201d<\/p><\/blockquote>\n\n\n\n
<\/p>\n\n\n\n
\u201cWe will issue such a currency only if and when the time is right,\u201d Lane said, referring to the possibility of the Bank of Canada issuing a digital currency in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Deputy Governor of the Bank of Canada (BoC), Tim Lane, said on Wednesday that cryptocurrencies such as Bitcoin are a flawed payment method, Bloomberg reported. Lane also pointed to the costly verification methods and the digital currencies\u2019 unstable purchasing power. \u201cOur view remains unchanged, a digital currency is by no means a foregone conclusion. …<\/p>\n","protected":false},"author":10,"featured_media":37275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6895],"class_list":["post-41304","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-canada"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=41304"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41304\/revisions"}],"predecessor-version":[{"id":41305,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41304\/revisions\/41305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/37275"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=41304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=41304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=41304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}