Crypto money In 2022, when regulations are expected to accelerate, Central Banks continue to make statements about cryptocurrencies.
Explaining the risks of cryptocurrencies at every opportunity with verbal guidance, the authorities warn investors to be careful against these risks.
US President Joe Biden’s “support for innovation” message in the order issued on cryptocurrencies also softened the statements from the authorities.
Because, while the relevant institutions talk about the risks related to cryptocurrencies recently, they also state that there are benefits.
“Useful But…”
The last warning and explanation on this issue came from the Bank of England.
BOE Chairman Andrew Bailey stated that cryptocurrencies have become a new front for fraud crimes, making it difficult for institutions fighting fraud.
Stating that the technology underlying cryptocurrencies is a good opportunity to develop innovations in financial services, Baliey stated that they are uncomfortable with these assets offering a new door to fraudsters.
The Bank of England, which previously only talked about the risks of cryptocurrencies, gave conditional support to cryptocurrencies in its latest statement in March.
The technology that supports this innovation can deliver a number of benefits, including lower transaction costs, higher payment system interoperability, and more options for users.
These benefits can only be realized and innovation sustained if they are combined with effective public policy frameworks that reduce risks and ensure greater trust and integrity in the financial system. Therefore, global and local regulatory frameworks will need to adapt.”