The Bank of England has reportedly cautioned City bosses away from implementing cryptocurrencies into their business plans — citing all the usual reasons one has probably come to expect.
“In their short history, crypto-assets have exhibited high price volatility and relative illiquidity,” wrote Bank of England Deputy Governor Sam Woods in a letter to the chief executives of banks, insurers, and fund managers — as reported by The Telegraph, adding:
Crypto-assets also raise concerns related to misconduct and market integrity. Many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.
Woods also claims that involvement with cryptocurrency-related activities may pose “reputational risks.”
A History of Negativity
This news does not come as much of a surprise, of course, given that the Bank of England has been notably negative in regards to cryptocurrency for months on end. In February, Bank of England Governor Mark Carney shared his already well-established position on Bitcoin with students at London’s Regent’s University, stating:
It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is …
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