WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
ADVERTISE
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
Markets

Bank of England Deputy Governor: Cryptocurrencies Need Regulation Similar to Traditional Financial System to Reduce Risk

By WebsCryptoJuly 11, 20222 Mins Read
Bank of England Deputy Governor: Cryptocurrencies Need Regulation Similar to Traditional Financial System to Reduce Risk
Share
Facebook Twitter Telegram LinkedIn Reddit Email

The Bank of England’s deputy governor for financial stability, Jon Cunliffe, has suggested a set of regulatory measures similar to the traditional financial system to address risks within the crypto ecosystem while boosting investor confidence.

Cunliffe referred to the Terra crash during a press conference, noting that cryptocurrencies that were unable to maintain their value put pressure on the entire crypto market. He compares his thoughts on a regulatory framework for cryptocurrencies to a similar situation in traditional finance, where regulation protects investors from irreparable losses: to me, this underscores the fact that we now need Introduce a regulatory system to manage risks in the crypto world in the same way that we manage these risks in the traditional world.

While acknowledging the true potential of cryptocurrencies to be used in the financial system, Cunliffe said regulation of cryptocurrencies need not be fundamentally different from traditional finance. However, when considering the underlying technology underpinning cryptocurrencies, it may need to be applied in a different way. Bank of England Governor Andrew Bailey has highlighted the need for international institutions to engage in borderless or cross-border transactions in cryptocurrencies.

Bailey said that unsecured cryptocurrencies “have no intrinsic value, but are better viewed as an investment. On the other hand, he believes stablecoins are better suited as a form of payment, which I think they (cryptocurrency and stablecoins) need A different perspective, and that’s what we’re going to do in terms of how we approach it.

Related:  CFTC Defines Bitcoin, Ethereum and Litecoin as Commodities, Not Securities
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Crypto Cryptocurrency Market Regulation
Related News

Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years

India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023

Mike Novogratz: Despite U.S. Regulations, Cryptocurrency Markets Have Been Strong This Year

US Government Seizes $5.6 Billion Worth of Bitcoin in Three High-Profile Cases

CFTC Defines Bitcoin, Ethereum and Litecoin as Commodities, Not Securities

Balmain Launches Limited Edition NFT Series Unicorn Phygit Wearable Collection

The Latest
News March 30, 2023
Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years
News March 30, 2023
India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023
Markets March 30, 2023
Mike Novogratz: Despite U.S. Regulations, Cryptocurrency Markets Have Been Strong This Year
Markets March 28, 2023
US Government Seizes $5.6 Billion Worth of Bitcoin in Three High-Profile Cases
Markets March 28, 2023
CFTC Defines Bitcoin, Ethereum and Litecoin as Commodities, Not Securities
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.