The Bank of England Calls for International Cooperation to Regulate Cryptos
Main page Economics, Central Banks, Cryptocurrency, Regulations
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Dec. 20, 2021

The head of the Bank of England's finance and risk department, Sarah Bryden, has said in an interview with The Times the country's central bank should intensify negotiations with its international counterparts on the regulation of the crypto market.

According to her, the institution does not have the capacity to independently collect the necessary data on the activities of crypto companies, which is why it needs international cooperation.

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Bryden has pointed to the Financial Stability Board of the G20 countries as one of the possible partners for this task.

The head of the Bank of England, Andrew Bailey, warned back in May 2021 about the risks of losing funds when buying Bitcoins, and in June rejected any similarity between digital gold and money.

In the same month, the regulator spoke about the possibility of regulating stablecoins, and in October saw no serious threat to the country in cryptos and considered a market collapse as a "plausible scenario," indicating the need for "urgent" development of a regulatory framework for digital assets.

Members of the British Parliament have said this month Bitcoin is not an investment.

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