Bank of England Reportedly to Ramp Up Talks of Global Regulatory Rules for Crypto
Bank of England reportedly to pace up talks on governing rules for crytpo space as it finds it hard to find requisite data
The Bank of England is facing a tough challenge to find information it needs on institutional exposure to crypto and plans to pace up international talks to establish regulatory regimes for crypto, according to Sunday Times.
According to Sarah Breeden, the BOE’s executive director for financial stability and risk said banks are increasingly offering crypto trading for clients thus requires global rules to maintain stable financial system.
She added U.K. alone cannot gather requisite data and requires cooperation through Financial Stability Board, a G-20 organization. The organization make recommendation regarding the stability of the global financial system.
However, earlier BOE repeatedly said, crypto holdings in the U.K. do not currently post a threat to the financial system. However, the state regulator also noted the pace of growth in crypto space could be dangerous as they are increasingly being linked to the wider financial network.
