Bank of England does not see crypto as a serious threat to financial stability
Bank of England: #Bitcoin and crypto don't pose major risk to financial stability.— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 8, 2021
Cryptocurrencies do not pose a serious risk to the financial stability of the UK, but as their influence grows, the regulatory framework will need to be tightened. This is stated in the report of the Bank of England.
Representatives of the regulator said that they intend to pay "close attention" to developments, including "the relationship between cryptoassets and the UK financial system." Thus, the Central Bank intends to ensure resilience to potential systemic risks.
Earlier the Governor of the Bank of England Andrew Bailey said that cryptocurrencies have no intrinsic value, so investment in them is associated with serious risks.
BREAKING: The Bank of England governor-designate, Andrew Bailey, says those holding bitcoin should "be prepared to lose all of your money" and "bitcoin has not caught on much"— FTX (formerly Blockfolio) (@ftx_app) March 4, 2020
ok banker pic.twitter.com/eu4bolovWf
In June, he rejected bitcoin's resemblance to money, but acknowledged that stabelcoins could occupy a niche in the financial system.