Andrew Bailey, the Governor of Bank of England, has become the center of news currently following he expressed concerns regarding the digital assets seemingly assisting illegal operations. As per the reports, he emphasized that the widespread embrace of crypto as a payment method is additionally assisting scammers as well as criminals. While voicing his apprehensions, he asserted to be frightened of the arrival of digital sources of payment, as well as specifically the assets of cryptocurrency, that is delivering another payment source for people pursuing to carry out the criminal operation.
It is significant to note that the cumulative market capitalization of cryptocurrency has touched up to $3T in recent times. Jim Cramer, a well-known news figure, also reportedly claimed that the cryptocurrency has been acquiring credibility. Even in that case, the reports revealing the crypto-scams with the assistance of Google Ads following a huge Squid Game rollback of sport should make the consumers cautious. Just in the United Kingdom, crypto-related scams have expedited considerably during 2021. Indeed, reports figured out that victims were deprived of more than $200 million in only this year’s early nine months, with the rising rate by 30% gradually per year.
Formerly, Jon Cunliffe (the Deputy Governor of Bank of England for financial stability) had recommended tough regulations. He had elaborated that the crypto universe was initiating a linkage with the conventional financial system as well as witnessing a rise of leveraged actors. All this is going on in the comprehensively unregulated space. Nonetheless, notwithstanding such warnings, Max Keiser (a commentator of the industry) guesses that the BoE will ultimately purchase Bitcoin, before its surge to $1M per coin.
Adopting crypto across the United Kingdom
Philip Hammond, the Exchequer’s previous British Chancellor, also mentioned during a new interview that the business of cryptocurrency is irresistible. He revealed that although the move will be troublesome for the present financial system, tokenization, as well as distributed ledger technology (DLT), will deliver advantages during the next years. The financial services of the United Kingdom have advanced in the case of innovation as well as drastic change most of the time due to its ability to embrace the latest technologies more effectively as well as rapidly. Thus, he considers it to be an excellent chance for the United Kingdom to “seize,” as well as for London to “lead.”