Bank Of England Seeks To Strengthen Cryptocurrency Regulations
13 Ottobre 2021 - 12:22PM
NEWSBTC
John Culifferthe, Bank of England’s Deputy Governor, discouraged
crypto’s use in the UK’s finance system. He announced earlier that
although cryptocurrencies are becoming more supported within United
Kingdom’s financial system, they aren’t a significant threat.
However, he also recommended that enhanced regulations should be
enforced as digital currencies constantly expand. Related Reading
| New To Bitcoin? Learn To Trade Crypto With The NewsBTC
Trading Course The bank stated in a publication that there is
a need to regulate cryptocurrency at a local and an international
level. Earlier in July, the bank warned against cryptocurrency
spillover into traditional markets. It also said about banks,
institutional investors, and payment operators’ absorption of
cryptocurrency for transactions. Cryptocurrency Price Appreciation
While cryptocurrencies like Bitcoin, Ethereum, and Tron prices
spiked at the year’s first half. Just briefly, it climbed to $2.5
trillion in value. Collateral backers for the Bitcoin protocol
promised to provide another store of value while the storers
struggled to yield, given its meager interest rates. The
cryptocurrency market is currently facing a decline | Source:
Crypto Total Market Cap on TradingView.com On the contrary,
cryptocurrencies have very high volatility, and the digital
currency market has dipped more than $1 trillion in market value
since May 2021. Bitcoin’s price has dropped from an ATH
(All-Time-High) price of almost $65,000 in April this year to about
$32,000 on Wednesday this week. Financial Regulators Issue Warnings
Regulators have been giving frequent warnings about cryptocurrency.
In particular, China has banned all digital transactions, declaring
them illegal. Related Reading | Shiba Inu Outranks Chainlink And
Takes Place In Top 15 Crypto-Assets However, Binance – the world’s
biggest crypto exchange- was banned last month from the United
Kingdom. Binance was among the numerous exchanges that didn’t
register with the financial regulator, given that it couldn’t meet
up with the anti-money laundering requirements. Featured image from
Pixabay, chart from TradingView.com
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