UK Central Bank to Clamp Down on Crypto Money Laundering

0
149

The drive against cryptocurrency use in illegal activities rages on in UK as the head of the central bank reiterates their commitment to keep the investing public secure.

At a recent speech given at the Scottish Economics Conference in Edinburgh, governor of Bank of England Mark Carney called for more stringent regulations on cryptocurrencies to prevent it from being used in financial crimes like money laundering and terrorism financing.

“In my view, holding crypto-asset exchanges to the same rigorous standards as those that rade securities would address a major underlap in the regulatory approach.” He also did make it a point to qualify that he does not necessarily believe cryptocurrencies pose any real threat to existing financial systems, but that rather the risk may be in how retail adopts to bitcoin while traditional institutions flounder to catch up with system improvements.

“The core technology is already having an impact. Bringing crypto-assets into the regulatory tent could potentially catalyse innovations to serve the public better,” he said.

As a form of money, however, Carney said that it is “failing”, and is, “at best, only for some people and to a limited extent, and even then only in parallel with the traditional currencies of the users.”

 

Leave a Reply

Be the First to Comment!

avatar
  Subscribe  
Notify of