The Governor of the Bank of England said they will step up the agency’s efforts to combat the use of cryptocurrencies in illegal financial activities. He thinks that stricter regulations should be made on cryptocurrency exchanges in order to The statement was made in a report by The Independent.
In my view, bringing crypto-asset exchanges to the same stringent standards as trading securities heavily underlines the regulatory approach.
Bank of England governor does not see cryptocurrencies as a risk
However, the central bank governor stated that he does not believe cryptocurrencies still pose significant risks to the current financial system.
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However, such risks may escalate as retail use of Bitcoin expands and lags behind improvements in traditional corporate systems.
Carney’s comment was made by the nation’s largest financial regulator on the risks of investing in cryptocurrencies. comes shortly after a warning.
In December, Andrew Bailey, the head of the Financial Conduct Authority, told domestic investors that cryptocurrencies like Bitcoin are not regulated in the UK and therefore h warned that any loss of investment may not be protected.
Coindesk