Kevin Helms, citing an interview with BBC’s Today program, reports in bitcoin.com that "Sir Jon Cunliffe, Bank of England’s deputy governor for financial stability warned that cryptocurrencies, including bitcoin, are getting closer to becoming a threat to global financial stability due to their rapid growth.
My judgement is they’re not, at the moment, a financial stability risk, but they are growing very fast, and they’re becoming integrated more into what I might call the traditional financial system."
Kevin also noted that In July, Cunliffe said that crypto assets were “not of the size that they would cause financial stability risk, and they’re not connected deeply into the standing financial system.”
Source credit and full story - https://news.bitcoin.com/bank-of-englands-cunliffe-crypto-threat-financial-stability-urges-regulators-to-act-now/
https://www.bbc.com/news/business-58906109
Cunliffe who felt a few months ago that assets were not of the size that they would cause financial stability risk now feels the opposite is the case. What does that mean? They either misjudge the power of crypto or the crypto has grown too fast within a short period of time.
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