England The Central Bank vice president said that crypto is integrated with traditional finance and needs to be regulated to protect individual investors and the wider financial system.
Bank of England Governor Requests Cryptocurrency Regulation Before It’s Too Late
Sir Jon Cunliffe He told Sky News that the central bank is trying to protect investors and mitigate systemic risk. cryptocurrency He said he was evaluating the steps to regulate the system.
Regarding retail investors, Cunliffe shared the BoE’s stance that individuals should be able to take risks safely in crypto just as they take risks in traditional markets.
“I think for most people, if they want to take risks in the crypto space, for consumer protection and market integrity, there should be a place where they can do it and get the protection they would get in a similar activity in the UK,” he said.
Cunliffe noted that crypto is increasingly integrated into the traditional financial system, so it should be regulated sooner rather than later.
“We had banks, mutual funds, and others who wanted to invest in it,” he said. “I think we should consider regulation before we integrate with the financial system and have potential systemic problems.”
Meanwhile, the Bank of England is seeking a proof of concept to create a model wallet for a central bank digital currency and will be accepting applications until 23 December.
Recently, India’s central bank chief warned that if allowed to grow, cryptocurrencies would cause the next financial crisis.
The head of the central bank of India said in a statement today that he is not against crypto, but that cryptocurrencies have no underlying basis and their use should be banned.
*Not investment advice.
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