{"id":50918,"date":"2021-10-08T19:59:37","date_gmt":"2021-10-08T16:59:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50918"},"modified":"2025-09-02T20:52:13","modified_gmt":"2025-09-02T17:52:13","slug":"bank-of-england-sees-no-serious-threats-to-the-country-from-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bank-of-england-sees-no-serious-threats-to-the-country-from-cryptocurrencies\/","title":{"rendered":"Bank of England sees no serious threats to the country from cryptocurrencies"},"content":{"rendered":"<p>Cryptocurrencies currently do not pose a serious risk to Britain&#8217;s financial stability, but as their influence grows, regulation will have to be tightened. This is stated in the <a href=\\\"https:\/\/www.bankofengland.co.uk\/financial-policy-summary-and-record\/2021\/october-2021\/financial-stability-in-focus\\\">report<\/a> of the Bank of England.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cRegulation must evolve quickly enough, both domestically and at global level, to address the risks that they [cryptocurrencies] may pose in the future,\u201d noted the experts.<\/p>\n<\/blockquote>\n<p>Officials said they intend to pay close attention to developments, including the relationships between cryptocurrencies and the United Kingdom&#8217;s financial system. In this way the BoE aims to ensure resilience to potential systemic risks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><span data-descr=\\\"Bank of England Financial Policy Committee\\\" class=\\\"old_tooltip\\\">FPC<\/span> says that financial institutions should exercise caution and prudence regarding any adoption of these assets \u2014 the document states.<\/p>\n<\/blockquote>\n<p>Earlier BoE Governor Andrew Bailey stated that <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-governor-warns-of-risk-of-losing-funds-when-buying-bitcoin\">cryptocurrencies have no intrinsic value<\/a>, therefore investments in them carry significant risk.<\/p>\n<p>In June he <a href=\"https:\/\/forklog.com\/en\/news\/boe-chief-rejects-parallels-between-bitcoin-and-money\">rejected the notion that Bitcoin is money<\/a>, but acknowledged that stablecoins may occupy a niche in the financial system.<\/p>\n<p>Back in September, the Bank of England and Her Majesty&#8217;s Treasury <a href=\"https:\/\/forklog.com\/en\/news\/leaders-of-visa-paypal-and-google-to-help-uk-authorities-study-cbdc\">announced participants of forums<\/a> to study the technological and other aspects of CBDC. Among them were representatives of Visa, Mastercard, PayPal, Google and other companies.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\\\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies do not yet pose a serious risk to Britain&#8217;s financial stability, but as their influence grows, regulation will need to tighten. This is stated in the Bank of England&#8217;s report.<\/p>\n","protected":false},"author":1,"featured_media":50919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[216,810],"class_list":["post-50918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-england","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=50918"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50918\/revisions"}],"predecessor-version":[{"id":50920,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50918\/revisions\/50920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/50919"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=50918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=50918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=50918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}