UK Bank Ready to Take More Meaningful Steps on Cryptocurrencies
March 3, 2018
The UK’s central bank’s head Mark Carney has claimed, the authority will be struggling cryptocurrency use in illegal financial activities more intensively and plans to toughen the measures, as The Independent reports.
According to Carney, existing cases of cryptocurrencies being used for money laundering and terrorism backing make the UK bank taking stronger measures for crypto exchanges.
“In my view, holding crypto-asset exchanges to the same rigorous standards as those that trade securities would address a major underlap in the regulatory approach”, Carney claimed during his speech at Scottish Economics Conference held on March 2 in Edinburgh.
The Bank’s President added, he still does not consider cryptocurrencies threatening the present financial system. Remember, a statement like this Carney used to voice in December last year. Yet he emphasizes now, these risks may grow amid increasing bitcoin personal use rate while traditional financial institutions are not quick enough to adopt corresponding improvements.
Skeptical is the approach to cryptocurrencies British regulators have taken. The chief of the Financial Conduct Authority Andrew Bailey would warn crypto investors earlier and advised being ready to lose all their funds, while Carney claimed in February, bitcoin failed to become a cryptocurrency and does not meet according requirements.