Bank of England calls for regulation of cryptocurrencies worldwide

The Bank of England will need the assistance of the G20 Financial Stability Board
The Bank of England is calling for a regulation of the global cryptocurrency market.
In particular, as the regulator acknowledged, it is not in a position to collect data on the activities of cryptocurrency companies.
Therefore, the actions of banks in the organization of services for the trading and storage of cryptocurrencies are pushing towards the development of a regulatory framework for the protection of the financial system.
The Bank of England will therefore need the assistance of the G20 Financial Stability Board.
He explained that he is having difficulty finding the necessary information about the cryptocurrency activities of institutional investors and plans to speed up international negotiations to establish a regulatory regime for cryptocurrencies.
“It is impossible to get data on what the big companies have, for us this is a problem. “This is something that the United Kingdom cannot solve on its own.”
It is recalled that the Bank of England has repeatedly stated that cryptocurrencies do not pose a threat to the UK financial system.
In contrast, the Bank of England (FPC) Financial Policy Committee warned in December that the trend of merging the fast-growing cryptocurrency market with the main market posed serious risks.
At the same time, the Bank of England believes that digital sterling could become the future of the country’s financial system.


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