Bitcoin and cryptocurrencies are unlikely to survive long-term as governments scramble to regulate them, according to the chief executive of French banking giant Societe Generale.
Frederic Oudea said that, while he was a believer in distributed ledger technology — which allows data to be stored in enormous volumes across a secure network of computers — virtual currencies carry too much risk due to their anonymity.
"The benefit so far is it provides anonymity to the people who are making the transactions," Oudea told CNBC on the sidelines of the Web Summit conference in Lisbon, Portugal, on Tuesday.
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