{"id":70913,"date":"2022-11-21T12:25:03","date_gmt":"2022-11-21T12:25:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/11\/21\/crypto-rules-needed-after-ftx-collapse-says-bank-of-england\/"},"modified":"2022-11-21T12:25:03","modified_gmt":"2022-11-21T12:25:03","slug":"crypto-rules-needed-after-ftx-collapse-says-bank-of-england","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/11\/21\/crypto-rules-needed-after-ftx-collapse-says-bank-of-england\/","title":{"rendered":"Crypto rules needed after FTX collapse, says Bank of England"},"content":{"rendered":"
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Better regulations are needed to protect the financial system following the collapse of cryptocurrency exchange FTX, a senior Bank of England official has said.<\/b><\/p>\n<\/div>\n

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Digital currencies are still too small to pose a threat, but that’s about to change, said Sir Jon Cunliffe. <\/p>\n<\/div>\n

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FTX filed for bankruptcy last week and owes its biggest creditors nearly $3.1bn (\u00a32.6bn).<\/p>\n<\/div>\n

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Thousands of its users are also waiting to get their money back.<\/p>\n<\/div>\n

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Sir Jon, deputy financial stability governor at the bank, also said that recent volatility in the value of cryptocurrencies poses a threat. <\/p>\n<\/div>\n

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The value of Bitcoin, the world’s largest digital currency, has plummeted nearly 70% in the last year.<\/p>\n<\/div>\n

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He said the crypto world is currently not “big enough or not sufficiently connected to mainstream finance to threaten the stability of the financial system.” <\/p>\n<\/div>\n

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But he said his ties to mainstream finance developed quickly.<\/p>\n<\/div>\n

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“We shouldn’t wait until it’s big and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much larger destabilizing effect.”<\/p>\n<\/div>\n

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FTX was not licensed to operate in the UK, but its implosion sent shockwaves around the world.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Better regulations are needed to protect the financial system following the collapse of cryptocurrency exchange FTX, a senior Bank of England official has said. Digital currencies are still too small to pose a threat, but that’s about to change, said Sir Jon Cunliffe. FTX filed for bankruptcy last week and owes its biggest creditors nearly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-70913","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nCrypto rules needed after FTX collapse, says Bank of England - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/11\/21\/crypto-rules-needed-after-ftx-collapse-says-bank-of-england\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto rules needed after FTX collapse, says Bank of England\" \/>\n<meta property=\"og:description\" content=\"Better regulations are needed to protect the financial system following the collapse of cryptocurrency exchange FTX, a senior Bank of England official has said. 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