November 16, 2021

Cryptocurrency Risk Peaks, Bank Of England Urges Supervisors To Act!

 The Bank of England (BOE) is already discouraged with cryptocurrencies although the sector is still a concern for most countries.

It is understood that the deputy governor, Jon Cunliffe is worried that the instability of the cryptocurrency market will also affect the traditional financial markets with allegations that this risk is spreading unnoticed.

As a result, these individuals urged supervisors to act and think about the probabilities that might occur and the best way to curb the issue.

So far the Financial Conduct Authority (FCA) in the country has yet to implement proper consumer protection.

This includes a ban on crypto ads such as the recent Floki Inu (FLOKI) banner which has appeared on several types of public transport across London in the last month.

Compared to cryptocurrencies, the BOE is more comfortable to see the growth of the central bank's digital currency (CBDC) - "Britcoin".

Although not yet launched, at least until 2025, they are working hard to make it a reality with technical views and studies on the project in 2022.

Cunliffe explained that the CBDC is much better than cryptocurrencies because it is fully monitored and relied on sterling to avoid price instability.