Bitcoin should not be called currency as it has "failed" to act as traditional money, the Bank of England Governor believes.

Bank of England Governor Mark Carney said that in traditional terminology, bitcoin cannot be legitimately considered a currency because it does not correspond to two main features of money. It is neither a means of exchange nor a store of value.

"It has pretty much failed thus far on... the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange," he said during a Q&A session.

At the same time, Carney believes, joining the chorus of other traditional economists, that the underlying blockchain technology "can still prove its usefulness as a means of decentralized verification of financial transactions."

At the beginning of the year, the Bank of England abandoned plans to launch its own digital currency, after it voiced out such a possibility in December. At the same time, the Central Bank of the UK does not see in bitcoin risks for either the global economy or financial stability.

The traditional understanding of the term "currency" has prompted many influential people in the financial world, such as billionaire Ray Dalio, to say that bitcoin is a "bubble." Others, among them the investment director of the Swiss bank UBS Mark Haefele, recognized that so far bitcoin has not gained a critical mass to be considered a viable currency. At the same time, there are those who, like the creator and head of Ark Investment Management, Catherine Wood, believe that in the future it can change and become a real solution in the field of digital payments without limits on transactions.