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Bank of England’s Deputy Governor Fears Crypto Assets Rising Position

Bank of England News
  • Bank of England’s deputy governor worried about the risk of crypto assets.
  • US senator bashed the crypto world.

The crypto world is under attack once again, but this is not a new topic in the ears of the crypto community. In detail, the Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has alerted the public about the possibility of the price of cryptocurrencies falling. These crypto assets include solid cryptos such as Bitcoin, Ethereum, and other altcoins in the market.

Sir Jon Cunliffe explained:

We really need to roll our sleeves up and get on with it, so that by the time this becomes a much bigger issue, we’ve actually got the regulatory framework to contain the risks.

He added that he worried about the risk that the crypto assets might bring if it integrates into the economy’s financial system. “The point, I think, at which one worries is when it becomes integrated into the financial system — when a big price correction could really affect other markets and affect established financial market players, he said.”

In other news, politicians in America also stressed their opinion about the rising market of cryptocurrency. To be specific, Senator Elizabeth Warren of the United States of America explained that cryptocurrency could harm consumers and the economy in a tweet post.

Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.