The deputy governor of the Bank of England, Sir Jon Cunliffe, recently remarked that crypto trading is a ‘gamble’ and should be regulated like other financial activities because it poses too great a risk to be left unregulated. The deputy governor continues to highlight the importance of regulation in crypto trading as the popularity of trading continues to increase among banks, investment funds, and retail investors. Cunliffe stated that bringing crypto trading into the financial system, rather than keeping it outside, was the solution to managing the risks effectively. Cunliffe’s remark comes while the Bank of England contemplates the introduction of its own central bank digital currency, which could provide digital underpinning to facilitate payments as physical cash becomes less usable, according to Cunliffe. Opinions on crypto trading are divided as it continues to develop links with the financial system, but there is a need for regulatory intervention to manage the increased risks posed by the increasing demand and popularity of this trading asset.
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