Jon Cunliffe, the deputy governor of the Bank of England, warned that cryptocurrency assets such as Bitcoin are increasingly posing risks to financial stability.
He believes that regulators and legislative bodies need to think carefully about the upcoming risks. Jon Conriff said that although the current cryptocurrency assets such as Bitcoin have not yet posed a direct threat to financial stability. However, cryptocurrency is growing very fast and is becoming more integrated into the traditional financial system.
Therefore, he believes that the time when cryptocurrency poses a risk is getting closer, so regulators and legislators need to consider this issue very seriously.
This is not the first warning by Jon Conriff. As early as October of this year, he stated that cryptocurrency lacks intrinsic value, price fluctuations, network and operational loopholes, and the power of public actions, so it may collapse, It is necessary to formulate rules to list this rapidly developing industry as an “emergency matter”.