According to his own calculations, 0.1% of UK household wealth is invested in cryptocurrencies and he estimates that a Briton has an average of $ 300 invested in cryptocurrencies.
“Cryptocurrencies are growing very fast and their price can vary considerably and theoretically or could practically fall to zero. If the value of cryptocurrencies falls suddenly, it could have a knock-on effect. And banks should be prepared to contain those risks and the British, “said the deputy governor of the Bank of England in public statements.
“The point that concerns us is how and when will cryptocurrencies be integrated into the financial system when a big price correction hits. This could really affect other markets and financial players,” argued Cunliffe.
The Bank of England Deputy Governor stated that the banking sector is preparing new standards and regulations to curb the adoption and expansion of cryptocurrencies in the country. “We need to roll up our sleeves and move on so that when this becomes a much bigger problem, we actually have the regulatory framework to contain the risks,” Cunliffe warned.
“Its price can vary considerably and, in theory or in practice, it could fall to zero”, concluded bluntly.
Source From: Ambito
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