Bank of England to accelerate with crypto regulation

The regulator is not opposed to legalizing this industry, and also to open the doors to large investors. Deputy Governor of the Bank of England Sir John Cunliff gave an interview regarding the crypto plans of the regulator. He stated that digital money will be integrated into the traditional finance system.. And should get proper regulation. This will protect users, investors, and the entire financial system as a whole. However, Cunliffe called the crypto industry the strange term “casino”: “Investors and the financial system need protection from the “casino” of cryptocurrency trading.” The Bank of England is ready to allow ordinary users to safely speculate in cryptocurrencies. how they do it with stocks and other assets, futures in traditional markets. And at the same time receive similar protection from the regulator. The official noted that one should not hesitate to introduce regulation, since cryptocurrencies are quickly integrated into the monetary ecosystem. “We have banks, investment funds and other companies that want to invest in this industry. We need to think about regulation now to avoid systemic problems in the future.” With the arrival of Prime Minister Rishi Sunak, legislative work on the crypto industry has accelerated in the UK. New changes will affect the current regulations in the crypto sector, as well as the way and field of interaction with foreign companies. And the central bank began looking for a wallet developer for CBDC.