The Governor of the Bank of England warns that cryptocurrencies are providing payment methods for criminals – Regulating Bitcoin News

Andrew Bailey, the governor of the Bank of England, warned that crypto assets are providing an alternative payment method for people who want to commit criminal activities.

Bank of England Governor Andrew Bailey believes that cryptocurrencies help criminal activities

The Governor of the Bank of England Andrew Bailey stated in an online question and answer session organized by the Central Bank of the United Kingdom that the rise of cryptocurrencies is encouraging illegal activities. He was quoted as saying:

The emergence of digital payment methods, especially encrypted assets, I am afraid the evidence shows… it provides another payment method for people who want to commit criminal activities.

Governor Bailey has repeatedly warned about all aspects of cryptocurrency.he Said May: “Frankly, I am skeptical of crypto assets because they are dangerous and people are passionate about it.”

he still statement Cryptocurrency “has no intrinsic value.” However, the Governor of the Bank of England added that this does not mean that people do not value them, noting that “they can have external value.” Nevertheless, Bailey emphasized: “I want to speak bluntly again. Only if you are prepared Buy when you lose all your money.”

The Governor of the Bank of England is not the only one worried about cryptocurrency being used for illegal activities. Christine Lagarde, President of the European Central Bank (ECB), Said In May, cryptocurrencies are easy to launder money.

U.S. Treasury Secretary Janet Yellen has repeatedly talked about cryptocurrency being used for illegal financing this year.In February, she emphasize The importance of crypto regulation to ensure that Bitcoin and cryptocurrencies are not used for illegal transactions.

In addition, US President Joe Biden Said October: “The United States will convene 30 countries to accelerate our cooperation in combating cybercrime, improving law enforcement cooperation, preventing the illegal use of cryptocurrency, and solving these problems diplomatically.”

What do you think of the warning from the Governor of the Bank of England? Let us know in the comments section below.

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