Crypto poses imminent threat to financial stability: Bank of England Deputy Governor
Sir Jon Cunliffe, the Deputy Governor for Financial Stability at the Bank of England (BoE) crypto may pose an imminent threat to the traditional financial system.
During a Nov. 15 interview with the BBC’s “Today” program, Cunliffe argued that the rapid growth of digital assets and their integration with traditional financial services could soon pose systemic risks, stating:
“So the point at which they pose a risk is getting closer. I think regulators and legislators need to think very hard about that,” he added.
While Cunliffe warned of integrating volatile crypto assets into the mainstream financial system, he dismissed adjacent concerns pertaining to the rise of stablecoins.
“There are proposals for new players who are not banks, including
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