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Great Britain’s authorities are critical of cryptocurrency

1 min read

The head of the Bank of England Andrew Bailey (Andrew Bailey) was already expressed in the address of private individuals in cryptocurrency, encouraging investors to be ready to lose all investments. Speaking to parliament, he reaffirmed his skeptical attitude towards cryptocurrency assets. According to him, they are dangerous and are associated with excessive enthusiasm from market participants.

Image Source: Reuters

What is characteristic, it does not prevent the Bank of England to enter plans for the release of its own digital currency, as previously reported this month. Similar considerations in the middle of May, the Deputy Bailey was shared on the stability of financial markets, Sir John Clanif (Jon Cunliffe). In England’s bank, the cryptocurrency supported by state guarantees see as a “reserve asset” for citizens of the country.

This year, as reported by Bloomberg, 10 million citizens became holders of certain amounts in cryptocurrency, so market participants and state structures are concerned about the lack of understandable rules for the turnover of such assets in the UK jurisdiction. The initiative group encourages legislators to rather define the framework, within which it is possible to purchase, sell and emission cryptocurrency in the territory of the United Kingdom. This will deserve investor confidence and reduce risks, as well as keep up with other states in the formation of the necessary legal ecosystem.

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