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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bank Of England Seeks To Strengthen Cryptocurrency Regulations

Asad Gillani
Asad Gillani
3 years ago
2 mins read
Bank Of England Seeks To Strengthen Cryptocurrency Regulations As The Sector Grows Popular

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John Culifferthe, Bank of England’s Deputy Governor, discouraged crypto’s use in the UK’s finance system. He announced earlier that although cryptocurrencies are becoming more supported within United Kingdom’s financial system, they aren’t a significant threat.

However, he also recommended that enhanced regulations should be enforced as digital currencies constantly expand.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The bank stated in a publication that there is a need to regulate cryptocurrency at a local and an international level.

Earlier in July, the bank warned against cryptocurrency spillover into traditional markets. It also said about banks, institutional investors, and payment operators’ absorption of cryptocurrency for transactions.

Cryptocurrency Price Appreciation

While cryptocurrencies like Bitcoin, Ethereum, and Tron prices spiked at the year’s first half. Just briefly, it climbed to $2.5 trillion in value. Collateral backers for the Bitcoin protocol promised to provide another store of value while the storers struggled to yield, given its meager interest rates.

Bank Of England Seeks To Strengthen Cryptocurrency Regulations As The Sector Grows Popular

The cryptocurrency market is currently facing a decline | Source: Crypto Total Market Cap on TradingView.com

On the contrary, cryptocurrencies have very high volatility, and the digital currency market has dipped more than $1 trillion in market value since May 2021. Bitcoin’s price has dropped from an ATH (All-Time-High) price of almost $65,000 in April this year to about $32,000 on Wednesday this week.

Financial Regulators Issue Warnings

Regulators have been giving frequent warnings about cryptocurrency. In particular, China has banned all digital transactions, declaring them illegal.

Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

However, Binance – the world’s biggest crypto exchange- was banned last month from the United Kingdom. Binance was among the numerous exchanges that didn’t register with the financial regulator, given that it couldn’t meet up with the anti-money laundering requirements.

Featured image from Pixabay, chart from TradingView.com
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Asad Gillani
Asad Gillani

Asad Gillani

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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