Andrew Bailey, the Governor of the Bank of England, said recently, “Cryptocurrencies have no intrinsic value.”
Bank of England: #Bitcoin and crypto don't pose major risk to financial stability.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 8, 2021
According to the Bank of England’s recent financial summary, crypto poses only a “limited risk” to UK’s financial system. The comment came as part of the Financial Policy Committee’s “Financial Stability in Focus” presentation.
Recommended: BIGG News Out Of Canada
- The presentation from the Bank of England detailed the overall health of the corporate sector vis à vis the country’s financial stability.
- The committee sees limited risk despite crypto’s rapid growth over the past year. “Crypto asset markets continue to grow rapidly, but currently pose limited risk to UK financial stability,” the committee said.
- Though the committee doesn’t necessarily see crypto as risk off: “Regulation needs to develop quickly enough, both domestically and at a global level, to address the risks they could pose in the future.”
- The UK is currently at work on a CBDC.
- Back in August, UK regulator Financial Conduct Authority said it was incapable of supervising Binance. Previous to that, the FCA censured Binance, telling the world’s biggest exchange to stop ‘any regulated activity” it was conducting in the country.
- Curiously, UK bank Barclay’s throttled customer access to Binance around the same time.
.@Barclays stopped my payments to a crypto exchange to ‘protect my money’. They’ve got no problem letting me gamble or buy expensive things, yet they’re trying to ‘protect’ me from something I’ve made a small fortune on. GTFO you bunch of crooks. I know how to handle MY OWN money
— Aleksandra Huk (@HukAleksandra) July 5, 2021
The post Twist: Bank Of England Is Cool With Crypto After All appeared first on CryptosRus.