Bank of England: Enhanced regulatory and legal frameworks are required for cryptocurrencies.
The Bank of England says that “strong fluctuations” in the cryptographic market emphasize the need for a high-level supervision and legal framework. The central bank of England warned that the encrypted price is likely to be higher. The Central Bank Financial Policy Committee on Tuesday that strict fluctuations in cryptocurrencies have been emphasized in the cryptography market in recent months. The publication reported that the Bank of England had emphasized the need for stricter law enforcement and regulation of the crypto sector, citing the fall in the total market capitalization of crypto assets by $ 2 trillion. The market value of all digital currencies is now around $ 1 trillion. Last November, it reached a record high of $ 3 trillion.
Last month, Augustin Carstens, CEO of the Bank for International Settlements (BIS), said that all the shortcomings of the crypto market that were shown earlier have become real. This includes discrepancies in liquidity and the reopening of participants ’leverage positions. The central bank warns that fluctuations in the cryptographic market do not threaten the stabilization of the UK funding system and that the traditional financial system and the traditional financial system are growing with the traditional financial system.
Mr. John KON at the Deputy Governor of the Bank of England’s financial stability stated that in many cases the cryptographic market could be threatened if not limited. He predicts hard times for cryptocurrency investors in May when the Federal Reserve and other central banks tighten monetary policy. In December last year, he said the price of the cryptocurrency could fall to zero. In June, the Governor of the Bank of England, Andrew Bailey, said investors should be prepared to lose money when investing in cryptocurrencies. He stressed that cryptocurrencies have no internal value, and Bitcoin is not a practical means of payment.