Mark Carney: It's time to regulate Bitcoin

Cryptocurrency Regulation Called for by Bank of England Governor

The Bank of England governor Mark Carney wants cryptocurrencies such as bitcoin to be brought in line with the financial markets that are already regulated. "Carney is correct to highlight the risks but perhaps too obtuse with respect to the opportunities and fundamental understanding of what is going on", Charles Hayter, CEO of CryptoCompare, told Newsweek.

Carney confirmed that United Kingdom watchdogs wanted to ensure financial firms active in the market for crypto assets, including specialist exchange groups, were held to the same regulatory standards as others.

An Ernst & Young report released in December 2017 highlighted the concern about criminality in the cryptocurrency market.

Carney also said that he was of the view that regulating aspects of the cryptocurrencies industry was preferable to placing an outright ban on their use or exchange, as some countries have done, such as China.

Cryptocurrencies such as Bitcoin should be regulated in the future, the governor of the Bank of England has told Sky News.

Cryptocurrency Regulation Called for by Bank of England Governor
Cryptocurrencies Cryptocurrency Regulation Called for by Bank of England Governor

Carney also outlined some of the potential advantages of cryptocurrency, the underlying technologies of which he described as "exciting". "Anarchy may reign on the dark web, but in the United Kingdom it's just a song that your parents used to listen to", Carney said, in a speech which will be seen as a major intervention by a top global regulator. "Being part of the financial system brings enormous privileges, but with them great responsibilities".

He said this was important as cryptocurrencies raise a "host of issues" around consumer and investor protection, market integrity, money laundering, terrorism financing, tax evasion, and the circumvention of capital controls and global sanctions.

If central banks issued their own digital currencies, Carney said they risked creating a much greater role for themselves, "disintermediating commercial banks in normal times and running the risk of destabilizing flights to quality in times of stress".

Finance ministers and central bankers from the G20 group of major world economies are due to meet in Buenos Aires in two weeks' time, and cryptocurrencies is likely to be on the agenda.

His comments come as a clear divide begins to emerge in financial services about the merits of digital currencies, the volatile nature of which has seen prices soar and plummet regularly in recent months. But he warned that any isolation of cryptocurrencies risked stifling the development of the so-called distributed ledger technologies that underpin them.

Related news:

Hot News

isis-killer-beheading-video-story-top Amazon plans to teach Alexa real-time language translation
Mar 03, 2018 - 05:36
It would ideally have an understanding of Japanese culture as well and would incorporate that knowledge into its translations. There are other devices and services that offer early versions of real-time translation, such as the Google Pixel Buds .

isis-killer-beheading-video-story-top Neo's Nokia phone from The Matrix is coming back
Mar 02, 2018 - 04:36
HMD Global also launched the Nokia 1 , Nokia 7 Plus , Nokia 6 (2018 ) and the Nokia 8810 4G at the Nokia Mobile launch event. The Nokia 8 Sirocco combines a curved edge-to-edge pOLED 2K 5.5-inch display with smaller bezels and moulded body curves.

isis-killer-beheading-video-story-top Democratic lawmakers fight for Republican support to reinstate net neutrality
Mar 02, 2018 - 04:21
In 2014 and 2015, there was a major discussion of net neutrality that led to new FCC rules enforcing net neutrality. The House of Representatives has yet to take up the issue except for a bill introduced last-minute by U.S.

isis-killer-beheading-video-story-top Alexander-Arnold heaps praise on 'priceless' Liverpool team-mate Firmino
Mar 02, 2018 - 04:19
As you can see in the list below, great efforts by Les Ferdinand and Alan Shearer as well. This is football and anything can happen. "We have to keep going".

isis-killer-beheading-video-story-top Black Panther Sets Another MCU Record In Its Second Weekend
Mar 02, 2018 - 04:11
It also delivered the second largest second weekend of all-time only behind 2015's Star Wars: The Force Awakens . Black Panther is close to becoming the third highest grossing solo superhero movie .

isis-killer-beheading-video-story-top South film stars arrives in Mumbai for Sridevi's funeral
Mar 01, 2018 - 11:55
With that foundation, an array of author backed roles, she was destined to great heights, but she discovered a new challenge. Talking to reporters outside his Poes Garden residence here, he said "I was extremely shocked to hear of her demise".

isis-killer-beheading-video-story-top Influential NBA Agent Dan Fegan Dead In Car Crash
Mar 01, 2018 - 10:45
He was described as "one of the industry's most respected basketball agents" in a 2016 Forbes article. I am forever grateful for what you did for me and will never forget that.

isis-killer-beheading-video-story-top Kylie Jenner receives Ferrari as 'push present'
Mar 01, 2018 - 10:12
The pair looked content as they were pictured during the outing and inside the supercar, where Kylie rode in the passenger seat. When I was four weeks old, my parents swaddled me in blankets-Kylie is swaddling Stormi in coins (and blankets too, probably).

isis-killer-beheading-video-story-top What to know about attending Rev. Billy Graham's viewing
Mar 01, 2018 - 09:46
Bush and First Lady Barbara Bush and Former President Jimmy Carter will not attend the funeral on Friday. Graham was a counselor to USA presidents of both parties from Dwight Eisenhower to George W.

isis-killer-beheading-video-story-top Severed head found after NY tourist's arrest in Japan
Mar 01, 2018 - 09:18
Video footage also showed the suspect repeatedly going in and out of the condominium building alone with a suitcase, Kyodo said. Asahi .com reports that the man was already in custody after the woman, a 27-year-old office worker, disappeared.

isis-killer-beheading-video-story-top Transgender male high school wrestler wins Texas girls title amid controversy
Mar 01, 2018 - 09:04
The University Interscholastic League requires student-athletes to participate under the sex noted on their birth certificate. After the video appeared online, fans have come to support Beggs via the medium of Twitter.

isis-killer-beheading-video-story-top Jessica Korda: American wins title in Thailand on return from jaw surgery
Feb 26, 2018 - 03:44
She leads from another American, Brittany Lincicome, who carded a 65 to go 12 under at the Siam Country Club Pattaya Old Course. Korda made 25 birdies and three eagles for the tournament in her fifth career win on the LPGA.

isis-killer-beheading-video-story-top Did Kylie Jenner's Tweet Cost Snapchat $1.3 Billion?
Feb 26, 2018 - 03:39
Snapchat has been under fire from users who have criticized the app's new layout for being too confusing to navigate. Perhaps taking this into account, Jenner tweeted 10 minutes later, "still love you tho snap ... my first love".

isis-killer-beheading-video-story-top Premier League minute-by-minute updates
Feb 26, 2018 - 03:37
However, the likes of Peter Crouch and Stephen Ireland will not be ready to appear due to an ankle and calf injury respectively. Leicester City are having a decent season and it seems like they should not be concerned about the possibility of relegation.

isis-killer-beheading-video-story-top Pence rallies conservatives with call to fight hard at 2018 elections
Feb 26, 2018 - 03:36
ET Friday. "But it's all happening any way", he said as he mocked McCain for giving the GOP-backed repeal a thumbs down. Saturday afternoon Charen took part in a panel discussion where she was jeered for not toeing the conservative line.