[2014-09-11] Bank of England sees Bitcoin fraud risk, deflation danger [Reuters]

[OleOle]

Bank of England sees Bitcoin fraud risk, deflation danger

BY DAVID MILLIKEN
LONDON Thu Sep 11, 2014 9:23am EDT

"(Reuters) - Bitcoin and similar digital currencies may be at increasing risk of fraud and could damage Britain's economy if they find widespread use, the Bank of England said on Thursday.

The BoE said the finite supply of Bitcoins - which are traded between users outside the banking system, and used to buy goods ranging from pizzas to PCs - meant that an economy where they formed the main currency would be at risk of deflation."


http://www.reuters.com/article/2014/09/11/us-britain-boe-bitcoin-idUSKBN0H61ID20140911?feedType=RSS&feedName=technologyNews


 

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[Kluge]

Sounds like a ringing endorsement?

[btbrae]

Dirty thing that deflation I reckon - danger, risk, fraud, damage. Oh aye, and lots of it. Best keep yer doors locked and yer shutters down, lest ye let the bugger in. Times are hard and winter's coming, aye, don't be wanting none of that.

(Was expecting them to throw terrorism in somewhere just to cement the negative connotations.)

[odolvlobo]

It's ironic that the UK warns of fraud risk and deflation while stealing money from people through inflation.