Bank of England's Deputy Governor Says Regulators Need to Urgently Establish Rules
Bank of England Deputy Governor Jon Cunliffe says that a collapse in the cryptocurrency market is certainly “plausible,” stating that regulators worldwide need to pursue crypto rules “as a matter of urgency.” While cryptocurrencies do not currently pose a threat to the countrys financial stability, the deputy governor says there are some “very good reasons” to think that this might not be the case for very much longer. Crypto Collapse Plausible, Crypto Rules Are ‘a Matter of Urgency’ Bank of England Deputy Governor Jon Cunliffe talked about cryptocurrency and its regulation on Wednesday at the SIBOS conference. He emphasized that regulators worldwide need to work quickly and establish rules to regulate cryptocurrencies, given the rapid growth of the industry and how long it takes to put new rules in place. He said: Regulators internationally and in many jurisdictions have begun the work. It needs to be pursued as a matter of urgency. As an example of how long it takes to establish new rules, Cunliffe said that last week global regulators proposed that the safeguards they apply to systemic clearing houses and payment systems should also be applied to stablecoins. He added that it took two years to draft this measure, during which