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BOE Sees Limited Crypto Risk Presently for UK

UK
(MNI) LONDON
  • The BOE sees the current influence of Cryptocurrencies on the UK financial sector as limited at present, although the pace at which the sector is growing sees interlinkages with the traditional finance sector likely increasing. As such, potential for future financial stability risks is getting closer.
  • Some at the bank see Cryptocurrencies as not a fundamental way of circumventing sanctions “in scale” as eventually all crypto transactions would need to be converted to fiat currency.
  • Crypto’s benefits of lower transaction costs, higher payment system interoperability and increased selection were underlined by the FPC, as they stressed that effective public policy framework and regulation is necessary for risk mitigation and integrity maintenance of the greater financial system. Domestic and global speed are of relevance here.
  • Regular assessment of risks surrounding crypto-assets including decentralised finance will be carried out.
  • Cryptocurrencies aren’t seen as a fundamental way of circumventing sanctions “in scale” as eventually all crypto transactions would need to be converted to fiat currency.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MarketsFixed Income BulletsForeign Exchange BulletsHomepage
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MarketsFixed Income BulletsForeign Exchange BulletsHomepage

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