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English central banker: Crypto industry needs regulation



 Jon Cunliffe, the deputy financial stability governor at the Bank of England, is calling for there to be clear regulation for the crypto industry, similar to the traditional financial system, to minimize systemic risk and improve investor and investor confidence at the same time.


At a press conference , Cunliffe referred to the blockchain project Terra (LUNA) crash, which attracted media attention, to make it clear that cryptocurrencies that cannot maintain their value can, in the worst case, trigger a domino effect on the entire market. Accordingly, the central banker proposes regulatory measures that apply in such cases in the traditional financial system to protect investors and investors from massive losses:


"In my opinion, this shows very clearly that we need a regulatory system that minimizes such risks in the crypto industry, as is common in the normal world."

While Cunliffe recognizes the "real potential" of cryptocurrencies for the financial industry, he also emphasizes that the necessary regulation need not be fundamentally different than that for the traditional financial system, only the way it is exercised needs to differ.


The head of the English central bank, Andrew Bailey, recently emphasized that the international authorities must cooperate more closely with each other on the subject of cryptocurrencies. Above all, cryptocurrencies without intrinsic value are critical for Bailey. However, he concedes that the stablecoins have an actual use as a means of payment, which is why a clear distinction must be made:


"I think they (cryptocurrencies and stablecoins) need to be looked at differently, which is why we're doing that."

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