BoJ chief doubts Bitcoin\\\'s future

The head of the Bank of Japan on Tuesday cast doubt on Bitcoin's future, saying the scandal-plagued digital unit "cannot be a currency" unless it proves its reliability. The computer-generated currency has suffered a series of blows since February when the Tokyo-based Bitcoin trading exchange MtGox filed for bankruptcy, after admitting it had lost about half a billion dollars of the virtual unit. Unlike most currencies, Bitcoin is not backed by a government or central bank. "It is not a currency, and I don't think it is a general means of settlement," BoJ Governor Haruhiko Kuroda told reporters after the central bank wrapped up its latest policy meeting. "Without safety or stability in its value, there would be no demand. In that sense, it cannot be a currency," according to AFP.