New Delhi. A top Bank of England official has warned that cryptocurrencies could lead to a global financial crisis unless stricter regulations are introduced.
John Cunliffe, deputy governor of the Bank of England, said a sharp drop in the price of cryptocurrencies is certainly a plausible scenario and there is a ‘possibility of transition’ in the global financial sector. According to the Daily Mail report, John Cunliffe said that the collapse of cryptocurrencies could harm individual investors. But he said the picture is less clear for financial institutions.
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Financial recession like 2008 may come
He compared a possible crypto crash with the 2008 financial meltdown. He said that the crypto market is now worth e1.7 trillion, which is bigger than the subprime mortgage market in 2008.
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Urgent need for regulation of cryptocurrencies
Cunliffe said that there is an urgent need for regulation of cryptocurrencies. He said that the financial system is growing very fast. In a largely unregulated space, the authorities have to take notice. The value of the cryptocurrency market has increased by 200 percent this year.
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Orignally published at Tailored Stash
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