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Bank of England chief calls for cryptocurrency regulation

03 March 2018

Canadian economist Mark Carney - who also serves as the Governor of the Bank of England and Chairman of the G20's Financial Stability Board - has called for greater regulation against the "anarchy" of cryptocurrencies, despite claiming that "they're failing" and are not a threat.

Authorities everywhere are attempting to ascertain cryptocurrencies place in the wider financial firmament, with some choosing to ban their usage and others fully regulating them.

Carney talked about the fact that cryptocurrencies aren't actually backed by any guarantee and that the price volatility could lead to serious deflationary issues for the economy.

Elaborating further, Carney added: "A better path would be to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system".

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An Ernst & Young report released in December 2017 highlighted the concern about criminality in the cryptocurrency market.

Holding crypto-asset exchanges to the same standards as those that trade securities would, Carney said, address a "major underlap" in the regulatory approach. But they needed to be regulated in a similar way to other parts of the financial system, and could not replace traditional currencies.

Carney noted in his speech that the technology could "increase the efficiency of managing data" and "enhance transparency (and auditability) through the creation of instant, permanent and immutable records of transactions".

Meanwhile, let's not forget that the World Gold Council recently acknowledged that cryptocurrencies pose a threat to central banks.

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"In his closing remarks, Carney said that the, ". core technology is already having an impact".

The comments come soon after a warning from the country's top financial regulator on the risks of cryptocurrency investment.

He said: "Appropriate regulation would for the first time offer legal and regulatory protection to individual investors and high street customers seeking to benefit from the opportunities presented by cryptocurrencies, and the underlying blockchain technology".

The Governor of the Bank of England said on Friday that cryptocurrencies were "failing".

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"This is the next stage in bringing cryptocurrencies and blockchain within the regulatory framework, speeding up the march towards legitimisation of an asset class that, until a few years ago, many law many enforcement agencies, believed had limited legitimate reasons for people to use".

Bank of England chief calls for cryptocurrency regulation