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