{"id":8340,"date":"2021-06-16T15:54:26","date_gmt":"2021-06-16T15:54:26","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-england-boss-pledges-tough-love-in-cryptocurrency-regulation\/"},"modified":"2021-06-16T15:54:26","modified_gmt":"2021-06-16T15:54:26","slug":"bank-of-england-boss-pledges-tough-love-in-cryptocurrency-regulation","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-england-boss-pledges-tough-love-in-cryptocurrency-regulation\/","title":{"rendered":"Bank of England Boss Pledges \u2018Tough Love\u2019 in Cryptocurrency Regulation"},"content":{"rendered":"

Bank of England Governor Andrew Bailey says there will be an element of \u201ctough love\u201d in regulating cryptocurrency. \u201cWhat we cannot have is a world where innovation gets a free pass to ignore the public interest. The odds of such an approach not ending well are too high,\u201d the governor said.<\/strong><\/p>\n

Bank of England\u2019s Bailey Wants to Regulate Crypto With \u2018Tough Love\u2019<\/h2>\n

Bank of England Governor Andrew Bailey talked about cryptocurrency regulation Monday at the annual conference of financial trade body The City UK.<\/p>\n

He was quoted as saying: \u201cWe must, both domestically and working with international partners, ensure that we understand and respond to the public interest issues that arise here.\u201d He said it will allow the Bank of England to protect financial stability while allowing innovation to happen \u201cin a world where the public interest is well defined and protected.\u201d<\/p>\n

Emphasizing, \u201cWhat we cannot have is a world where innovation gets a free pass to ignore the public interest. The odds of such an approach not ending well are too high,\u201d the governor detailed:<\/p>\n

There will inevitably be elements of tough love in such a process, and some disappointed ambitions, but I am confident that out of it will come a robust form of innovation.<\/p>\n

Governor Bailey has long been a critic of cryptocurrencies. Last month, he said<\/a> cryptocurrencies are \u201cdangerous,\u201d reiterating<\/a> that they \u201chave no intrinsic value\u201d and \u201cBuy them only if you\u2019re prepared to lose all your money.\u201d<\/p>\n

He also talked about stablecoins, noting that they \u201chave the potential to be systemic in terms of their importance for the financial system and its stability.\u201d Bailey elaborated, \u201cA key requirement will be to ensure that, unless the stablecoin is operating as a bank, the backing assets for stablecoins cover the outstanding coin issuance at all times.\u201d<\/p>\n

<\/p>\n

Moreover, the governor of the Bank of England warned against using cryptocurrencies for payments, stating:<\/p>\n

They fluctuate in value substantially, which is why they\u2019re on the whole not a good medium for making payments.<\/p>\n

Addressing the Bank of England\u2019s work on a central bank digital currency (CBDC), he said the bank and the U.K. Treasury are weighing the potential of creating one. \u201cWe\u2019re going to engage with users, the technology sector, to understand the potential for these things,\u201d he said.<\/p>\n

What do you think about the comments by the Bank of England governor on bitcoin and cryptocurrency regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Andrew Bailey, andrew bailey bitcoin, Bank of England, bank of england bitcoin, bank of england crypto, Crypto regulation, Cryptocurrency regulation, tough love, uk crypto regulation<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of England Governor Andrew Bailey says there will be an element of \u201ctough love\u201d in regulating cryptocurrency. \u201cWhat we cannot have is a world where innovation gets a free pass to ignore the public interest. The odds of such an approach not ending well are too high,\u201d the governor said. Bank of England\u2019s Bailey…<\/p>\n","protected":false},"author":0,"featured_media":8341,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8340","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\/8340"}],"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=8340"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8341"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}