The Governor of the Bank of England has called for a crackdown on cryptocurrency ‘mania’.

Mark Carney said more regulation of currencies like Bitcoin is needed to stop them being used by criminals.

Cryptocurrencies have gained popularity among criminal groups as transfers are anonymous and cannot be tracked.

“A better path would be to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity and promote the safety and soundness of the financial system,” he said.

“The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system.”