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The Bank of England did not see any serious threats to the country in cryptocurrencies

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The Bank of England did not see any serious threats

Cryptocurrencies do not yet 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.

“Regulation must evolve fast enough, both domestically and globally, to eliminate the risks that they [криптовалюты] may be created in the future, ”the experts noted.

Representatives of the regulator said they intend to pay “close attention” to developments, including “the relationship between cryptocurrencies and the UK financial system.” So the Central Bank intends to ensure resilience to potential systemic risks.

«FPC believes that financial institutions should exercise caution and prudence in any acceptance of these assets, ”the document says.

Earlier, the Governor of the Bank of England, Andrew Bailey, said that cryptocurrencies have no intrinsic value, so investing in them is associated with serious risk.

In June, he rejected bitcoin’s similarity to money, but acknowledged that stablecoins could carve a niche in the financial system.

Recall that at the end of September, the Bank of England and Her Majesty’s Treasury announced the participants of forums to study technological and other aspects CBDC… Among them are representatives of Visa, Mastercard, PayPal, Google and other companies.

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