In a speech yesterday, Deputy Governor John Kanriff said, “The financial crisis has shown us. It does not have to occupy most of the financial sector to cause financial stability problems.” He believes that a drop in cryptocurrency prices to zero is a “certainly plausible scenario”, which creates “potential transmission” across the global financial sector.
Comparing the cryptocurrency crash with other financial meltdowns, he made a speech at Sibos, worth about $ 1.2 trillion in 2008 when the subprime collapsed, and the cryptocurrency market is now worth £ 1.7 trillion. I remembered that there was.
Most of the unregulated crypto assets have increased by 200% this year from just under $ 800 billion to $ 2.3 trillion. Cunliffe urged us to regulate cryptography as an urgent issue.
The financial industry is stronger than in 2008, but it should be noted that the government overreacts to financial innovation.
See below for live updates
Bitcoin Price Live: Cryptocurrencies Can Cause $ 250 Trillion Meltdown – Urgent BoE Warning | UK | News
SourceBitcoin Price Live: Cryptocurrencies Can Cause $ 250 Trillion Meltdown – Urgent BoE Warning | UK | News