In a speech given on Friday 2nd March,
the governor of the Bank of England, Mark Carney, said that
cryptocurrencies are "failing" as a form of
money. Mr.Carney also stated that cryptocurrency should fall under
the "regulatory tent" and argued that
"the time has come to hold the crypto asset ecosystem to
the same standards as the rest of the financial system".
The governor of the Bank of England is the latest prominent figure
to speak out on the cryptocurrency market – and he has made
his views clear.
Regulatory Classification
Mr. Carney noted that market regulators are still grappling with
the task of assigning cryptocurrency an appropriate regulatory
classification. Such a classification must balance the two forces
of market integrity and investor protection. In Mr.Carney's
view, "holding crypto-asset exchanges to the same rigorous
standards as those that trade securities would address a major
underlap in the regulatory approach".
