Bitcoin trading is "gambling," Canada's central bank governor told CNBC on Thursday, adding that he was looking to work with global regulators to develop regulations around cryptocurrencies.
Stephen Poloz, who heads up the Bank of Canada, said buyers of digital coins should "beware" and that he would not call cryptocurrencies assets.
"They are crypto but they are not currencies," Poloz told CNBC during an interview at The Sanctuary in Davos.
"I'm not really sure what they are. They are not assets really … I suppose they are securities technically … There is no intrinsic value for something like bitcoin so it's not really an asset one can analyze. It's just essentially speculative or gambling."
Poloz joins a chorus of central bankers and regulators warning about the dangers of cryptocurrencies which saw huge price surges in 2017.
Lars Rohde, the head of Denmark's central bank, called