Digital currencies continue to get knocks from financial authorities even as its popularity soars.

The latest of such attacks is coming from the Governor of Bank of England, Mark Carney.

Carney said Bitcoin and other cryptocurrencies are failing as a form of money and have shown classic signs of being a financial bubble.

He said, as a result, it has become necessary for financial regulators to protect consumers and stop their use for illegal activities.

Also Read: 3 Reasons You Should Probably Stay Away From Cryptocurrency

Carney did not call for a total ban on cryptocurrencies such as Bitcoin as he acknowledged the underlying technology, Blockchain as having some promising applications.

But he insists that they needed to be regulated in a similar way to other parts of the financial system, while stressing that they could not replace traditional currencies.

“Cryptocurrencies act as money, at best, only for some people and to a limited extent, and even then, only in parallel with the traditional currencies of the users. The short answer is they are failing,” Carney said in a speech in London on Friday.

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