Fun

Bank of England’s Cunliffe Pushes for Crypto Regulation — Sees ‘Real’ Benefits for UK

News Feed - 2022-12-24 01:12:56

Bank of England"s Cunliffe Pushes for Crypto Regulation — Sees "Real" Benefits for UK


Bank of England Deputy Governor Sir Jon Cunliffe has revealed that the British central bank is planning to step up its efforts to regulate cryptocurrency trading with new laws. “We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he stressed. Sir Jon Cunliffe on Crypto Regulation


Sir Jon Cunliffe, Bank of England (BOE)’s deputy governor for financial stability, talked about cryptocurrency in an interview with Sky News Thursday. He explained that the British central bank plans to step up its effort with new laws to regulate crypto trading following the collapse of crypto exchange FTX.


“Trading of crypto assets was not big enough to destabilize the financial system, but it was starting to develop links,” Cunliffe said, elaborating: We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem.


The Bank of England deputy governor noted that trading in crypto should be regulated rather than banned.


While cautioning that many coins were little more than a “gamble” and most were “without intrinsic value,” he admitted: “There are people who want to engage in that activity.” The BOE official clarified: “Provided they do that with their eyes wide open in a place that is safe, is not full of money laundering or illicit finance … then we should provide them at least with the opportunity to do that.”


Cunliffe opined: If we’re talking about creating the regulation in which people can see whether they can develop services that have benefits using those technologies to the real economy … then I think there’s a real benefit for the U.K.


However, he cautioned: “If we’re talking about using these crypto technologies to create, basically, crypto assets that have nothing behind them … I don’t think there’s ever going to be a sustainable financial activity around that.”


In November, Cunliffe said the collapse of crypto exchange FTX highlighted the urgent need for tighter crypto regulation. The Bank of England executive regularly warned about the danger of cryptocurrency. In July, he said crypto is “prone to collapse.” He also expects to see tough times ahead for the industry as the Federal Reserve continues to tighten financial conditions. Tags in this story Bank of England, Bank of England crypto regulation, BoE, British Central Bank, England central bank, England crypto regulation, England cryptocurrency regulation, ftx, Jon Cunliffe crypto, Jon Cunliffe crypto regulation, sir jon cunliffe


What do you think about Sir Jon Cunliffe’s statements on crypto and its regulation? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. SEC Will Use All Available Tools to Crack Down on Crypto Firms That Aren"t in Compliance With Its Rules, Says Chair Gensler REGULATION | 8 hours ago President of Brazil Sanctions Cryptocurrency Law REGULATION | 22 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleElon Musk: Recent Fed Rate Hikes Might Go Down in History as Most Damaging Ever Next articleSamsung Is Investing More Than $35 Million in Latam-Focused Metaverse Initiatives Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Amaka Nwaokocha15 minutes agoUK to target potential AI threats at planned November summitThe summit scheduled for Nov. 1-2 will place significant emphasis on the potential existential threat that AI represents, a concern
Ana Paula Pereira6 hours agoKYC hook for Uniswap v4 stirs community controversyA hook that enables Know Your Customer (KYC) verification on Uniswap V4 pools is fueling debates about DeFi"s future.3733 Total views23 Total
Turner Wright7 hours agoSam Bankman-Fried considered selling FTX equity to Saudi crown prince, says Caroline EllisonTestimony from the former Alameda Research CEO continued on the sixth day of Sam Bankman-Fried’s crimi
Alice Ivey12 hours ago5 entry-level machine learning jobsDiscover the required skills, degree qualifications, job opportunities and industries where entry-level machine learning roles are in demand.1874 Total views4 Tota
Hut 8 expands mining operations with power deal in West Texas
Ana Paula Pereira6 hours agoHut 8 expands mining operations with power deal in West TexasHut 8 secured a purchase agreement for 205 megawatts of power and land in West Texas, expanding its energy infrastructure to about
Scramble for Dollars: Emergency Cash Injections in $250 Trillion Global Debt Place the Fiat Ponzi On Ventilator
Scramble for Dollars: Emergency Cash Injections in $250 Trillion Global Debt Place the Fiat Ponzi On Ventilator The last few weeks of global hysteria has shown there’s been
Stablecoin BUSD’s Supply Shrunk by 3.24 Billion in 3 Days, Market Cap Is Down 20% Since Last Month
Stablecoin BUSD’s Supply Shrunk by 3.24 Billion in 3 Days, Market Cap Is Down 20% Since Last Month While billions of dollars in crypto assets have been withdrawn from Binance, th
Bitcoin Strengthens Vs. Gold, Analyst Sees ‘Higher Than Expected’ Returns
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Solana Vs. Ethereum: Investment Giant Fidelity Predicts Who Will Lead In 2025
Este artículo también está disponible en español. Fidelity Digital Assets, a subsidiary of global financial services firm Fidelity Investments, has released a new paper t
Tom Mitchelhill1 hour agoFree-to-play Web3 games hold the key to mass adoption — YGG co-founderGabby Dizon, the founder and CEO of Yield Guild Games, says a renewed focus on free-to-play gaming will help boost Web3 gam
Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors
Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors Crypto-asset broker Voyager Digital Ltd is buying LGO Markets, a French cryptocu
Solana memecoin craze continues with Biden parody token reaching $250M market cap
Zhiyuan Sun7 hours agoSolana memecoin craze continues with Biden parody token reaching $250M market capThe price of the Boden token went on a wild run shortly after its launch on March 9.9087 Total views3 Total sharesLis