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The Deputy Governor of the Bank of England (BE) believes that the current bearish trend in the crypto market is similar to the dot-com crisis of the turn of the 90s and zero. It forms the future giants of the industry.
Jon Cunliffe (Jon Cunliffe) at the Point Zero forum in Zurich suggested that the crypto companies that survived the crisis could turn into Amazon and eBay of tomorrow.
“An analogy for me is the dot-com boom, when $5 trillion was erased from the economy. Many companies left the market, but Internet technologies did not disappear then. Ten years later, those who survived, including Amazon and eBay, turned out to be the dominant players in the market,” the official said.
The deputy chairman of the Central Bank of England is confident that regardless of what happens to cryptocurrencies in the coming months, “cryptotechnology and finance will continue to exist, and this can lead to huge efficiencies and changes in the structure of the market.” The working group on the study of the potential of the digital currency of the Bank of England right now, according to Cunliff, is looking for an answer to the question: to create an independent digital currency of the Central Bank “with or without the transition to fiat”? Should it be like stablecoins and by how much?
The UK authorities, in parallel with the tightening of cryptocurrency regulation, intend to turn London into a place of attraction for crypto investors. Last week, the head of the Ministry of Technology and Digital Economy of the kingdom confirmed the government’s intention to turn the country into an international cryptocurrency center. The head of the Bank of England Andrew Bailey (Andrew Bailey) suggests that potential investors refrain from acquiring cryptocurrency assets as having no intrinsic value.
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