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".
Motherhood suits Kylie Jenner as she debuts first pic with Stormi
In a series of shaky Instagram moments, Kylie proudly boasted "one month" as she focused in on her toned tummy and shape. The Beauty maven confidently shared her stunning physique in nothing but a black cropped top and string bottoms.
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.
Former NBA agent Dan Fegan killed in auto crash
Dan Fegan was driving an SUV when he was hit by a bus on Highway 82 around 9.22am Sunday, sources confirmed to the Aspen Times . A 29-year-old woman and Fegan's five-year-old son were critically injured in the crash and were airlifted to the hospital.
"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".
Russia Vetoes UN Resolution Blaming Iran for Illegally Arming Yemeni Houthis
This doesn't recognise that the Iranian Regime is already dangerously destabilising Yemen through its support of the Houthis. All four of the Western powers were party to the 2015 Iran nuclear deal along with Russian Federation and China.
"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".
- Amazon Wants Alexa to Put Language Translators Out of Business
- Paul Heyman: Brock Lesnar "Primed" For UFC Return
- Beverly man arrested, accused of sending white powder to Trump Jr
- Japanese police question U.S. tourist over severed head
- First Alcatel phone with Android Oreo Go edition launched
- Web Extra: December Pre-Olympic Comments From Team USA Men's Curling
- North Korea arming Syria with chemical weapons
- Texas transgender wrestler competes in state tournament
- Kylie Jenner shares first video of Stormi
- South Africa's Ramaphosa appoints Nene as finance minister in cabinet reshuffle