The governor of the Bank of England shared his stance on crypto and said that people are using crypto assets for payment for illegal activities.
At present crypto, adoption is increasing rapidly in terms of trading and Investment. But crypto players want to push adoption for payment purposes, which is not a better and perfect thing against the traditional financial laws and systems. But day by day lack of regulations are causing huge problems for the financial regulators. In the latest, the Bank of England Governor shared his stance on crypto.
Andrew Bailey, Bank of England Governor, said that crypto assets are helping people to conduct illegal activities. And also Bailey believes that the huge adoption of crypto in the form of payment purposes will only help criminals and scammers.
In speaking in an event regarding the concerns on the crypto adoption, Bailey stated that
“I’m afraid that the advent of digital means of payment, and in particular crypto assets… is providing another means of payment for people who want to conduct criminal activity.”
Bank of England’s Deputy Governor on crypto
Earlier this, Jon Cunliffe- the Deputy Governor for Financial Stability at Bank of England- suggested high restricted regulation on the crypto industry. Kon stated that:
“The crypto-world is beginning to connect to the traditional financial system and we are seeing the emergence of leveraged players. And, crucially, this is happening in largely unregulated space.”
Despite such warnings and the negative point of view of the Bank of England on crypto, industry commentator Max Keiser said that BoE will buy bitcoin in future before Bitcoin will hit $1million per coin.
Increasing scam in the crypto industry
As a crypto supporter, we don’t believe that such unfair things are happening in the crypto industry. But still, in actuality, many scams are going on. In the lastest, scammers did a Squid token scam.
There would be highly restricted rules by the government authorities so that no one can think about scams.