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MNI BRIEF: BOE Cunliffe Backs Crypto Regulation, CBDC

(MNI) London

Bank of England Deputy Governor Jon Cunliffe on Monday addressed the spectacular collapse of crypto trading platform FTX, saying that such entities and the type of activities they engage in should be brought within the regulatory framework.

The case for regulation hinges on the need to protect financial stability and consumers, as highly volatile, unbacked cryptoassets are highly risky within the financial system when used as collateral or sold to the public. Cunliffe argued, however, that the turmoil in the crypto market did not sway the debate on the BOE's development of a central bank digital currency,

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Bank of England Deputy Governor Jon Cunliffe on Monday addressed the spectacular collapse of crypto trading platform FTX, saying that such entities and the type of activities they engage in should be brought within the regulatory framework.

The case for regulation hinges on the need to protect financial stability and consumers, as highly volatile, unbacked cryptoassets are highly risky within the financial system when used as collateral or sold to the public. Cunliffe argued, however, that the turmoil in the crypto market did not sway the debate on the BOE's development of a central bank digital currency,

Keep reading...Show less