Crypto regulation could restore investor interest

Bank of England deputy governor for financial stability Jon Cunliffe has shared his two pence worth on what he thinks about cryptocurrency regulation.

As the G20 revealed new plans to regulate cryptocurrencies and introduce a framework in October, Cunliffe and the Bank of England are also on the job. According to him, tackling risks within the cryptocurrency ecosystem is one of the key priorities.

This should not come at the expense of stifling innovation, but risks do persist and they need to be addressed adequately, nevertheless.

“For me, it underlines the fact that we need now to bring in the regulatory system that will manage those risks in the crypto world in the same way that we manage them in the conventional world”, Cunliffe explained.

Cunliffe was upbeat about the general purpose and idea behind cryptocurrencies and their application to the financial system.

However, he was careful to say that cryptocurrencies in their present form will be applied to the global financial system, drawing attention to the underlying technology which facilitates instant transfers of huge amounts of money instead.

Governor Andrew Bailey has called on government bodies to come together and work on a way to regulating cryptocurrencies on an international level. Something similar is happening in the European Union where lawmakers need to navigate disparate reams of local regulations.

Without satisfying local legislations, broader regulatory action would not be feasible. These are the exact same changes G20 and the Bank of England face today.

However, Bailey and Cunliffe are both optimistic about the future while stressing the urgency of the matter, they believe the world is coming together to regulate cryptocurrencies better and understand them.

You can use cryptocurrencies in the meantime at places such as 1xBit, FortuneJack or Bitcasino.io and have fun.

Source

Updated: 07/11/2022 — 11:00