NO Jonathan Rogers Bitcoin's price volatility so far suggests that it is not being used as a true currency. Rather, it's a hybrid between a volatile asset class and a unit of exchange for early adopters. A new market? Why not. An integral part of our economy? Hang on. Before we all do away with our piggy banks, let's remember that a quantum leap is required in terms of product governance and a set of virtual currency rules to govern dealings between market participants. Assurance is required on the terms of the product itself (currently an article of faith to the uninitiated), accountability, price stability, redemption and exchange, transaction verification, information inequality, user identification, settlement norms, and adverse event mitigation. All of this in a currently borderless realm. As the chancellor said yesterday, the government is only just starting a programme of work.
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