Unlike Bitcoin, the Bank Of England’s statement that cryptocurrencies don’t pose a threat to financial stability did not age well at all. Back in July, CNBC reported that the Deputy Governor of the Bank Of England, Jon Cunliffe said,
The speculative boom in crypto is very noticeable but I don’t think it’s crossed the boundary into financial stability risk.
Cunliffe stated that for the time being, crypto trading is primarily reserved for retail investors, underlining the central bank’s position that anybody trading in crypto assets should be willing to lose all of their money.
However, as the crypto market changed dynamically and at a mind-blowing pace, the new Deputy Governor Sam Woods said if necessary, the United Kingdom will implement crypto capital restrictions ahead of schedule.
Our overriding approach is that we both are and seen to be a robust implementor of international standards
Rest at Source:
https://news.todayq.com/news/bank-of-england-scared-makes-a-play-for-new-bitcoin-regulations/