Bank of England calls on international community to tighten regulation of the crypto market

The Central Bank came up with such an initiative amid the growing popularity of digital assets

20.12.2021 - 08:00

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What’s new? The Bank of England intends to initiate negotiations with international partners to tighten regulation of the crypto market in 2022. The regulator has taken such an initiative amid the growing popularity of digital assets among the financial system representatives and institutions, The Times reports.

Material on The Times website

What did the Bank of England say? Sarah Breeden, executive director for strategy and risk at the Bank of England, said that global regulators need to develop rules to protect the international financial system. This is being forced on them by today's reality, the banks are increasingly offering cryptocurrency trading and custody services to clients.

“The Bank of England cannot on its own obtain all the data on what virtual assets are at the disposal of institutions,” Breeden stressed.

What had happened before? Last week, Thomas Belsham, an employee of the Bank of England, said that bitcoin is useless in any of its application options. In his view, BTC may suddenly depreciate and the people investing their funds in it will lose everything in an instant.

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