Mo’ (digital) money, mo’ regulations. The Bank of England deputy governor for financial stability recommended forming a set of regulations to tackle risks within the crypto ecosystem while improving investor confidence. (Reporting via Arijit_4)
However, it may need to be applied differently while considering the underlying technology powering cryptocurrencies.
BoE Governor Andrew Bailey stressed the need for the involvement of international bodies in borderless or cross-border trading of cryptocurrencies. Bailey said that “unbacked crypto” does not have an intrinsic value but can be better viewed as an investment.
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