Jon Cunliffe, Deputy Governor of the Bank of Englandsharethoughts about control cryptocurrency In a talk on Nov. 21, he intends to talk about stablecoins and central bank digital currencies (CBDCs).
Cunliffe said that FTX and other centralized crypto asset exchanges “appear to operate as conglomerates, bundles of products within one company,” without the rigorous oversight of traditional finance, Cunliffe said.
“It is unclear how decentralized these platforms really are. Behind these protocols are usually corporations and stakeholders who receive operating income. and more than that In practice, it is often unclear who controls the oversight of protocols.”
“We need regulations to protect consumers. protect financial stability but still encourages innovation,” Cunliffe said.
“While the crypto world was on the brink of a bear market and FTX explosion last week. It is not large enough to affect or is linked to mainstream finance enough to threaten the stability of the financial system. But the connection with mainstream finance is rapidly evolving.”
Cunliffe said the Bank of England will issue an advisory report on the issuance of a “British pound CBDC” at the end of the year.
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