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Bank of England 'urgently' warns on crypto crash meltdown


Eldorado
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The Bank of England has called for "urgent" new regulations on crypto currencies in a warning that the digital asset could cause the next financial crash.

Speaking at Sibos, the thought leadership focused event for the financial community, on 13 October, deputy governor for financial stability, Jon Cunliffe, said: "There are well founded concerns around unbacked crypto assets in relation to investor protection, market integrity and financial crime.

"Investors losing money on speculative investments does not, in and of itself, constitute a financial stability problem, though it may well be a major concern for authorities responsible for investor protection."

Full story at International Investment

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27 minutes ago, Eldorado said:

The Bank of England has called for "urgent" new regulations on crypto currencies in a warning that the digital asset could cause the next financial crash.

Speaking at Sibos, the thought leadership focused event for the financial community, on 13 October, deputy governor for financial stability, Jon Cunliffe, said: "There are well founded concerns around unbacked crypto assets in relation to investor protection, market integrity and financial crime.

"Investors losing money on speculative investments does not, in and of itself, constitute a financial stability problem, though it may well be a major concern for authorities responsible for investor protection."

Full story at International Investment

I think part of the problem is governments think the nations official currency will be at least partly replaced by something they have no control over.

Adjusting interest rates to manage inflation will be less effective if, say half, of all transactions are bitcoin. 

So although there is a threat of investors losing money, as investors do, It is reducing gov control of an economic lever that is actually the big concern.

Talk of investors losing money, while possible, is to try and put people off.

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China outlawed them completely.  The U.S. will either follow suit when the "Fedcoin" comes online or they'll heavily regulate/tax other cryptos.  Governments cannot allow anything to be left untaxed.  Has anyone else here heard of plans to create "Programmable" digital currencies?  

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