Bank of England Is Worried That Crypto Could Destablize Established Financial System


The Bank of England has one again warned of the potential threat that cryptoassets pose to the world’s existing financial system. 

According to a report by BBC News, the UK’s central bank, i.e. the Bank of England (BoE) has issued a warning about the risks of cryptocurrency and the impact the industry could have on existing financial systems. 

Sir Jon Cunliffe, deputy bank governor, told the BBC that a price correction in the crypto markets could have profound ramifications for other industries:

“The point, I think, at which one worries is when it becomes integrated into the financial system when a big price correction could really affect other markets and affect established financial market players.“

He went on to add:

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