European officials: Virtual currencies are no way to pay

FRANKFURT, Germany — European finance officials are underlining their skepticism toward virtual currencies like bitcoin, saying they are risky for investors and inefficient as a way to pay for things.

A top monetary official, Jens Weidmann, said in a speech Wednesday that virtual currencies such as bitcoin are not good means of payment because their values fluctuate so rapidly. He added they were no substitute for conventional currencies backed by central banks such as the European...

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