Sir John Cunliffe, Deputy Governor of the Bank of England, said: The UK central bank plans to step up its efforts to regulate cryptocurrency trading with new legislation. “We should think about regulation before it is integrated into the financial system and before potential systemic problems arise,” he stressed.
Sir John Cunliffe on Cryptocurrency Regulation
Bank of England (BOE) Deputy Governor for Financial Stability Sir John Cunliffe said in his Sky News Thursday He talked about cryptocurrencies in an interview. He explained that the UK’s central bank plans to step up efforts with new laws regulating cryptocurrency trading following the collapse of crypto exchange FTX.
” Cryptocurrency trading wasn’t big enough to destabilize the financial system, but it was starting to build relationships,” said Cunliffe.
We had banks and investment funds We should think about regulation before it is integrated into the financial system and before potential systemic problems arise. I think.
Bank of England Deputy Governor says cryptocurrency trading should be regulated, not banned.
While warning that many coins are little more than “gambling” and most are of “no intrinsic value,” he said that “some people want to engage in such activities.” Admitted. A BOE representative explains:
Talk about creating regulations that can see if people can use these technologies to develop services that benefit the real economy.
But he warned: I think there will be sustainable financial activities around it.
In November, Cunliffe said the collapse of crypto exchange FTX highlighted the urgent need for stricter crypto regulation. Bank of England officials regularly warn about the dangers of cryptocurrencies. In July, he said cryptocurrencies were “prone to collapse.” He also expects tough times for the industry as the Federal Reserve continues to tighten its fiscal situation.
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