The crypto crash has highlighted issues facing unbacked cryptocurrencies and stablecoins, the Bank of England's governor has said. 👀
"I wouldn't take the lesson that we don't have to do anything because this has gone away. The technology has some real potential for use in the financial system," Sir Jon Cunliffe says.
"Unbacked crypto in my view doesn't have intrinsic value — doesn't mean to say of course it doesn't have value, but it doesn't have intrinsic value. People should be very clear on the risks that are being taken by investing in it." He pointed out that the collapse in Bitcoin and Ether's value hadn't dragged down other financial markets with it, but argued:
"We've seen lessons play out in the conventional financial system, that's why we have regulation to deal with it. For me, it underlines that we need now to bring in the regulatory system that will manage those risks in the crypto world in the same way that we manage them in the conventional world."
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