{"id":14181,"date":"2021-11-11T04:54:22","date_gmt":"2021-11-11T04:54:22","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-england-governor-warns-crypto-is-providing-means-of-payment-for-criminals\/"},"modified":"2021-11-11T04:54:22","modified_gmt":"2021-11-11T04:54:22","slug":"bank-of-england-governor-warns-crypto-is-providing-means-of-payment-for-criminals","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-england-governor-warns-crypto-is-providing-means-of-payment-for-criminals\/","title":{"rendered":"Bank of England Governor Warns Crypto Is Providing Means of Payment for Criminals"},"content":{"rendered":"

Bank of England Governor Andrew Bailey has warned that crypto assets are providing another means of payment for people who want to conduct criminal activity.<\/strong><\/p>\n

Bank of England Governor Andrew Bailey Sees Crypto Helping Criminal Activities<\/h2>\n

The governor of the Bank of England, Andrew Bailey, said during an online question-and-answer session organized by the British central bank that the rise of cryptocurrency is helping illegal activities. He was quoted as saying:<\/p>\n

The advent of digital means of payment, and in particular crypto assets, I\u2019m afraid that the evidence suggests \u2026 that it is providing another means of payment for people who want to conduct criminal activity.<\/p>\n

Governor Bailey has warned about various aspects of cryptocurrency on several occasions. He said<\/a> in May: \u201cI\u2019m skeptical about crypto-assets, frankly, because they\u2019re dangerous and there\u2019s a huge enthusiasm out there.\u201d<\/p>\n

He also stated<\/a> that cryptocurrencies \u201chave no intrinsic value.\u201d However, the Bank of England governor added that it does not mean people do not put value on them, noting that \u201cthey can have extrinsic value.\u201d Nonetheless, Bailey emphasized: \u201cI\u2019m going to say this very bluntly again. Buy them only if you\u2019re prepared to lose all your money.\u201d<\/p>\n

The Bank of England governor is not the only one worried about crypto being used in illicit activities. The president of the European Central Bank (ECB), Christine Lagarde, said<\/a> in May that cryptocurrencies are prone to money laundering.<\/p>\n

U.S. Treasury Secretary Janet Yellen has talked about crypto being used in illicit financing several times this year. In February, she stressed<\/a> the importance of crypto regulation to ensure bitcoin and cryptocurrencies are not used in illicit transactions.<\/p>\n

Furthermore, U.S. President Joe Biden said<\/a> in October: \u201cThe United States will bring together 30 countries to accelerate our cooperation in combating cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically.\u201d<\/p>\n

What do you think about the Bank of England governor\u2019s warning? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Andrew Bailey, andrew bailey bitcoin, andrew bailey crypto, andrew bailey cryptocurrency, Bank of England, bank of england governor, BoE<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of England Governor Andrew Bailey has warned that crypto assets are providing another means of payment for people who want to conduct criminal activity. Bank of England Governor Andrew Bailey Sees Crypto Helping Criminal Activities The governor of the Bank of England, Andrew Bailey, said during an online question-and-answer session organized by the British…<\/p>\n","protected":false},"author":0,"featured_media":14182,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14181"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14181"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14182"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}