Bank of England (BoE) Deputy Governor Jon Cunliffe thinks that the crypto money market does not cause major problems in terms of financial stability as it is today, but this situation may change over time.
BoE Vice President non-intrinsic, volatile, cyber and have operational weaknesses Similar to the dot-com crisis of cryptocurrencies, “to experience a massive collapse” Said it was possible.
In his speech on October 13, Cunliffe stated that the effects of such a collapse at the level of individual investors, financial institutions and banks will be limited and that a “hard correction” that can be seen in the cryptocurrency market will not cause financial stability problems today.
A survey conducted by the UK’s regulator, the FCA, found approximately 2.3 million adults He revealed that he owns cryptocurrencies.
A recent survey by PwC found that 21% of traditional hedge funds already invest in digital assets, while uninvested funds more than a quarter of them plan to invest showed.
Correct regulation can lead to sustainability
of this market “growing up fast” BoE Vice President said that cryptocurrencies are for financial stability. right now as it does not pose a risk, “The current trajectory indicates that this situation will not last long.” said.
Regulation studies for cryptocurrencies “an urgent matter” Emphasizing that, the name made the following statement:
“Well-designed standards and regulations can ensure that risks are managed in the crypto world as well as in the traditional financial world. Regulating the crypto world is what these technology-based applications could potentially bring to the field of finance. your great benefitscan enable it to develop in a sustainable way.”