Cryptocurrencies Help Bad Actors Conduct Criminal Activity, Says BoE's Bailey
Main page Opinion, Banking, UK, Crypto Market

Cryptocurrencies have become a powerful way to financially support criminal activity, believes Bank of England Governor, Andrew Bailey. During an online question-and-answer session Bailey said the cryptocurrency market has become a favorable option for bad actors to receive payments, Reuters reports.

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Particularly, Bailey said the regulator sees that cryptocurrencies provide "another means of payment for people who want to conduct criminal activity." However, Bailey did not specify what cryptocurrencies have become popular among fraudsters.

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This May, Bailey warned cryptocurrency investors about "huge enthusiasm" in the market. He addressed the investors seeking high profits in the market about maintaining vigilance about the underlying assets they are planning to buy. Bailey also emphasized that bitcoin barely has any intrinsic value, if any. The BoE Governor also cautioned over bitcoin's use as a means of payment.

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