The Bank of England said in a statement; He said that regulations covering crypto assets need to be increased both within the UK and globally to combat the fast moving market.
While acknowledging the benefits of innovation, the bank said that innovation can only be sustainable with “effective public policy frameworks”. The Financial Policy Committee also welcomed the UK Treasury’s proposal to regulate stablecoins, put forward earlier this year.
Jon Cunliffe, VP of Financial Stability, claimed in November that crypto assets could potentially destabilize the UK’s financial system.
Bank of England December financial stability report
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
