Bank of England calls for international cooperation in cryptocurrency regulation

The Bank of England should intensify talks with international colleagues on regulating the cryptocurrency market. This was stated by the Bank’s Finance and Risk Director, Sarah Breeden, in an interview with The Times.

The Bank of England cannot collect the data it needs on the activities of cryptocurrency firms on its own and requires international cooperation.

Breeden cited the G20’s Financial Stability Board as a potential partner.

In May 2021, Bank of England Governor Andrew Bailey warned of the risk of losses when buying Bitcoin, and in June he rejected the notion that the first cryptocurrency is money.

In the same month, the regulator contemplated regulating stablecoins, and in October did not see serious threats from cryptocurrencies to the country and deemed a market collapse a “plausible scenario”, noting the need for an “urgent” regulatory framework for digital assets.

In December, British MPs stated that “Bitcoin is not an investment”, and such wording should not be used in relation to cryptocurrencies.

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