Central Banker in UK says that Crypto Is Dangerous and Proposes More Regulations

The Bank of England governor, Andrew Bailey, has expressed his skepticism about cryptocurrencies.

Bailey told the British Parliament’s Treasury Committee:

I’m skeptical about crypto assets, frankly, because they’re dangerous, and there’s a huge enthusiasm out there.

Andrew Bailey

Despite the ever-growing retail interest for cryptocurrencies in the UK, Bailey remains skeptical about it. He even demands more regulations soon. Bailey, in fact, doesn’t believe that Bitcoin has intrinsic value, and thinks it’s a very speculative asset:

It is hard to see that Bitcoin has what we tend to call intrinsic value. It may have extrinsic value in the sense that people want it.

Andrew Bailey

Central bankers continue to attack Bitcoin as it takes the power away from the government and puts it back into the people’s hands. That’s why Bitcoin’s success could also be its biggest threat.

Also, other governmental organisations demand faster cryptocurrency regulations. TheCityUK, a lobby group for the British finance industry, said that England has to quickly create a regulatory framework for blockchain technologies – with the goal to protect retail investors, Bloomberg said.

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