Official from Bank of England deems cryptocurrencies a significant concern
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Official from Bank of England deems cryptocurrencies a significant concern

According to Sir Jon Cunliffe, the deputy governor of the Bank of England, stablecoins might require the same level of regulation as traditional payment methods to mitigate potential threats to the financial stability of Britain. While acknowledging the advent of innovative currencies and payment systems as “exciting,” Sir Cunliffe emphasized that they raised fundamental issues for the Bank. To restrict the use of stablecoins, which are cryptocurrencies backed by conventional money or assets, the Bank and the UK’s regulator, the Financial Conduct Authority, are planning to propose a new regulatory framework, expected to be unveiled later this year.

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Jack Wilson is an experienced finance writer and analyst with a deep understanding of the global economy, stock market, and personal finance. He holds an MBA in Finance and has worked in the industry for over 12 years. Jack's insights and commentary have been featured in various financial publications. In his spare time, he enjoys investing and following the latest market trends.

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