The Bank of England (BOE) recently released its financial stability report and outlined the risks associated with the growing crypto market. The BOE mentioned that crypto assets currently present limited risks to the UK's financial stability.
The cryptocurrency market is currently worth more than $ 2.2 trillion, which is almost $ 800 billion below recent highs in November 2021. Despite the correction, the overall market capitalization of digital currencies has increased more than 200% in the first 11 months. of 2021.
Regarding the future of CRYPTOCURRENCY, BOE stressed that its rapid growth will create problems for the financial system. According to the bank, its Financial Policy Committee is working to ensure the stability of the UK financial system against the risks associated with digital currencies.
โThe markets and activities related to cryptocurrencies continue to grow and develop rapidly. Crypto assets currently present limited direct risks to the UK's financial stability. However, they will present a series of risks to financial stability if they continue to grow at the current rapid rate and as they become more interconnected with the financial system in general, โsaid BOE. indicated.
Andrew Bailey on cryptocurrencies
Bank of England Governor Andrew Bailey kept his opinion on Bitcoin and other digital currencies in recent months. At a recent event organized by the Cambridge Student Union, Bailey voiced her concerns on the adoption of El Salvador of Bitcoin as legal tender in the country.
โI am concerned that a country chooses it as its national currency. What would worry me most is if the citizens of El Salvador understand the nature and volatility of the currency they have, "Bailey said at the event.
The crypto market capitalization has shrunk by more than $ 100 billion in the last 24 hours. Bitcoin lost almost 5% of its value.
The Bank of England (BOE) recently released its financial stability report and outlined the risks associated with the growing crypto market. The BOE mentioned that crypto assets currently present limited risks to the UK's financial stability.
The cryptocurrency market is currently worth more than $ 2.2 trillion, which is almost $ 800 billion below recent highs in November 2021. Despite the correction, the overall market capitalization of digital currencies has increased more than 200% in the first 11 months. of 2021.
Regarding the future of CRYPTOCURRENCY, BOE stressed that its rapid growth will create problems for the financial system. According to the bank, its Financial Policy Committee is working to ensure the stability of the UK financial system against the risks associated with digital currencies.
โThe markets and activities related to cryptocurrencies continue to grow and develop rapidly. Crypto assets currently present limited direct risks to the UK's financial stability. However, they will present a series of risks to financial stability if they continue to grow at the current rapid rate and as they become more interconnected with the financial system in general, โsaid BOE. indicated.
Andrew Bailey on cryptocurrencies
Bank of England Governor Andrew Bailey kept his opinion on Bitcoin and other digital currencies in recent months. At a recent event organized by the Cambridge Student Union, Bailey voiced her concerns on the adoption of El Salvador of Bitcoin as legal tender in the country.
โI am concerned that a country chooses it as its national currency. What would worry me most is if the citizens of El Salvador understand the nature and volatility of the currency they have, "Bailey said at the event.
The crypto market capitalization has shrunk by more than $ 100 billion in the last 24 hours. Bitcoin lost almost 5% of its value.
