May 25, 2022

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The Governor of the British Central Bank communicates with cryptocurrency

The Governor of the British Central Bank communicates with cryptocurrency

The Bank of England (BoE) hosted a “Stop Fraud” conference on Monday, where Bank of England President Andrew Bailey himself clearly expressed his views on cryptocurrency.

– You just have to ask the question: What do those who carry out ransomware attacks usually demand? He said the answer is cryptocurrency, according to Bloomberg.

A new front for fraud

Bailey acknowledged that the underlying cryptographic technology contributes significantly to innovation in finance, but also creates “opportunities for the outright criminal.”

He described cryptocurrency as the new “front line” of fraud that financial authorities are now trying to prevent.

Britain’s Financial Conduct Authority (FCA) last week extended the deadline for companies whose crypto businesses will be approved. So far, 33 companies have been given the green light, and the extension, according to the news agency, also allows 12 more companies to approve their applications.

Strict money laundering rules

With this approval, which requires compliance with strict UK money laundering rules, companies can continue their UK crypto business after April 1. The cryptocurrency industry has threatened that more companies may move abroad if they do not get this approval.

According to Bloomberg, Bailey nevertheless lamented that some crypto users acted as if national regulations did not apply to them.

Some crypto enthusiasts say they shouldn’t be affected by Russian sanctions because it’s not their world. I’m sorry, but this is their world. He said we are all in the same world.

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