Andrew Bailey, Governor of Bank of England, raised concerns about crypto offering opportunities for criminals and scammers, per .
You only need to ask: What currency do ransom attackers usually request payment in? Bailey stated that crypto is the answer at a Stop Scams conference hosted by Bank of England.
He said that although cryptocurrencies can be innovative in the wider financial services world, they also offer “opportunity to the downright criminal.”
Bailey warns again about the dangers of cryptocurrencies.
Bailey launched a campaign to highlight one of the most significant Bitcoin stories of the year, El Salvador’s adoption.
The Governor stated, “It worries me that a nation would choose Bitcoin for its national currency.” “What worries me most is if El Salvador’s citizens understand the volatility and nature of the currency they have.”
A month later, Jon Cunliffe , Bank of England deputy governor, stated that the crypto industry could pose a threat to the financial system today.
Cunliffe stated that “the point at which one worries, I believe, is when it becomes integrated in the financial system when big price corrections could really affect other markets or affect established financial market participants.”
Bailey now questions the stability of crypto and the role of cryptocurrencies to facilitate sanctions evasion. Ransom attacks, which Bailey specifically mentioned, have netted Russia-affiliated actors million of dollars before.
“Some crypto enthusiasts argue that Russian sanctions shouldn’t apply to them because it’s not their world. It is not my world, I am sorry. He said, “We’re all in one world.”
