Jon Cunliffe, Deputy Head of Financial Stability at the Bank of England (BoE), stated that cryptocurrencies need to be regulated before they become systemic.
Jon Cunliffe, BoE Executive Vice President of Financial Stability In his speech at the AFME Conference, he said that cryptocurrencies should be more integrated into traditional finance. without gaining systemic significance. stressed that it should be regulated first.
Cunliffe, in the case of effective preparation of regulatory frameworks “confidence-shattering collapse” will reduce the risk and helping innovation stated that it might. vice president traded in mainstream markets tokenized representations of money and securitiescollects both components of the trade in a single ledger, so that the business is accelerating told.
Apart from these, especially smart contract technology Cunliffe, drawing attention to the importance of many activities of crypto exchanges, to smart contract talking about the ability to transform reduces intermediaries and reduces costs expressed. Also the vice president reproaches less intermediaries a more flexible structure will achieve and that make it easier for regulators He stated that he believed.