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The Bank of England sent a clear warning:

Sam Woods, the Bank of England deputy governor responsible for financial supervision said that “in their short history, crypto-assets have exhibited high price volatility and relative illiquidity.”

Writing in a letter to the chief executives of banks and insurers he said: "Crypto-assets also raise concerns related to misconduct and market integrity – many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.”

https://www.express.co.uk/finance/city/981330/Bitcoin-price-barclays-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

Thinks get worse by the day!

“In their short history, crypto-assets have exhibited high price volatility and relative illiquidity,” Woods said in a letter to the chief executives of banks and insurers he regulates. “Crypto-assets also raise concerns related to misconduct and market integrity – many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.” The BoE expects firms to inform their usual supervisory contact of any planned crypto-asset exposure or activity on an ad hoc basis, together with an assessment of the risks associated with the intended exposure

This news might be one of the reasons why the market is going down!

Those news are really discouraging,  also recently I have heard one of the top world leading economists said that you need to be fast and quit the game because it's going to end soon.

A lot of bad news at the moment but I think this news has not much impact on the market as the downtrend is getting worse and most of all the world market is experiencing this situation. Not only does the UK bank object to this, but almost all banks around the world fear Cryptocurrency, so just relax and buy more.

Obviously they'll say that lol. Can't really blame them anyway though, a lot of dumb people do need the warning to be fair.

England, not again. Lloyds also against Crypto. That's why everybody apply for German bank online, where is crypto friendly with huge limits and easy registration. They will loose a lot of money if they keep ignoring crypto.

We should be very careful the way we spread FUD information to our great community, one lesson I have learnt with my stay here is that FUD does no good to crypto investors.  The market will recover very soon so we should not panic.

It's not FUD, it's news. And if you not share news and ignore it, it will be worse than FUD, it will look dodgy.

Warning is given because That Bank suffered huge losses. Many bank users are turning to cryptocurrency that are more promising of higher investment values.

I see why is the market has no improvement. This types of discouragement is really destroying the reputation of cryptocurrency. I thought cryptocurrency will be the biggest thing in the future. But alas if the media and government keep discouraging then cryptocurrency will eventually fade away.

Meh, nothing new here. Yes cryptos are extremely volatile, at this point I'm sure anyone who heard of bitcoin also knows that it's highly volatile and a lot of people won't ever invest or put their money into it. As long as they are not making it illegal, we are going to be fine.

The joy of being part of the media. The pros is that crypto is talked about a lot more on the news, and CNBC has a BTC ticker now. The cons is that the negative publicity hurts the community and tends to discourage people into entering the space.

It is not like we are surprised any good news will ever come from the banks. Who are the highest manipulators if I may ask? Bunch of hypocrites and black pots trying to call kettle black. We really do not need their opinion anyway, as it is not like we are not aware of the volatility right from the start. Apparently, they are feeling the heat, which makes me even happier!

Hmmmm...a big bank whining about crypto? How many times has this been done before?
Of course big banks are negative towards crypto, it makes a lot of what they do obsolete.

As far as money laundering and terrorist financing risks, that is straight up fud in the style of trump.
Those are HUGE claims that aren't backed by anything at all.
Instead, it uses scary catch phrases to paint a bad picture.

by the way, you know how terrorists get financed?  Through MONEY.
The largest perpetrators of money laundering and terrorist financing are the big banks (like bank of england) themselves.
Their flimsy KYC protocols do nothing and their privacy features encourage anonymous movement of money.

So yeah, let's move on with our lives, bank of england can go screw themselves.

Banks buy up large exchanges, because the profits from commissions for transactions are comparable with their revenues. These are not jokes guys, there will soon come a time when we will trade only on decentralized exchanges, because all large centralized banks are controlled and we will pay big taxes on profits. That said one asshole, or what does not mean for world development of technology blockchain and bitcoin recognition. Time will tell who was right!

I thought that recently there were setting up a task force in England and that they were embracing the tech.I.dontnget why so many central bank are against it.

Another bad news for crypto world :). Seem like bank system is trying to figh again cryptocurrency cause in the future if cryptocurrency will be really going to be legalized worldwide, I think bank system will disappear cause nobody need to use cash anymore and they will not deposit their money into bank to get interest anymore cause invest in cryptocurrency is a much better way ;D

There are many Corruptors, Terrorists, Criminals keep their money in Banks, Most Bankers are hypocrites and their concern for crime is bullshit. Yes I think their KYC procedures are useless due to the fact that their service is still used by many criminals

please listen to negative opinions about crypto, but the negative opinion about crypto is not just happening right now, the first time Bitcoin was introduced, many people say that Bitcoin will never succeed. but they are proven wrong, so now we can only predict with many assumptions and hypotheses about cryptocurrencies and later when the time comes, everything will be answered. My advice is to remain optimistic

Old allegations against cryptos. I think most of the countries have issued such circulars stating the risky nature of cryptos and how they can be easily used in illegal transactions. But these banks and governments tend to forget that cash is the most used method of illegal activities. Cryptos on the other hand might make it easier for the agencies to gtrack down some illegal activities as happened recently where US agencies tracked down an illegal use of cryptos in dark web. Cryptos are the future of financial landscape.

About the end of the game is repeated every year countless times, but the game is still ongoing, it does not end, and I do not think that Bitcoin is a short game, and now we are challenging the boss, after defeating BOSS, the game will enters the next round.

You have no idea mate! There are many countries who are actually against the crypto currencies and trying to remove them completely from their own countries. Like India recently stopped the dealing with crypto to local currency exchanges. Thus, its not just England but other countries too who are making the fuss about the crypto currencies. However, this effect is coming from different bad news too, like hacks of exchangers, country bans etc. I hope that this doesnt overwhelms the market otherwise it would be difficult to get out of the current situation so soon. This letter is again bad sign for the community because it creates negativity only and nothing else.

What the hell is wrong with you? You clearly lifted this post of yours verbatim from this article on Reuters website (https://www.reuters.com/article/us-boe-cryptocurrency-regulator-idUSKBN1JO125?utm_source=34553&utm_medium=partner). If you have nothing to contribute to a thread, do not contribute! Rather than pretend to contribute by copying and pasting paragraphs from another article.

Indeed! Another day Another news about negativity which it isnt really surprising and these kind of news or words from banks arent new and just as expected those words would be commonly spew out from their mouths.Same as yours i do feel happy when they do already feel on cryptocurrency effects into their service but at the same time we cant really deny that we are bit worried because the more restriction the lesser space we can move but well it doesnt matter coz crypto wont be dead.

This clearly shows that banks are afraid of these new technologies and they do not welcome the changes in the current scenario. But this is just the start. Some banks have already joined the blockchain revolution. So few banks ban will not hurt crypto.

@jamesashmore, you may be right, that's why the market is not to good recently. the key to this market rising depends on the top coins. the need to prove to the world that are capable. but i'm afraid they can't

It really is, and people are beginning to use the fact that others want to make money and run fraudulent projects in order to enrich their wallets is precisely because of this we are warned, just need to be careful and carefully study the projects in which you invest!

I don't think this is a start of the end...we saw this before and many people stopped to invest and had nothing eventually! As for me I will buy more ;D

Come on. We are blah, blah heard many times from various officials and banks. In my opinion, they are simply afraid. That's honest. Do you think they are concerned about the welfare of ordinary people? They are only concerned about money in the banking sector. It's no secret that the money from banks flows swiftly into the cryptocurrency sphere. This is the only reason for their concern.
 And drugs and terrorism are ridiculous. Long before the appearance of bitcoin and altcoins, criminals had money in sufficient quantities.

they like indication Express another opinion. when the market will grow they will say the opposite

All this FUD is why the market is dropping hard, nevertheless I want us to be optimistic cause this is only a bear market.

this is really a news to worry about. If a state like England doesn't feel positive about crypto then this can certainly have a effect on the market. Let's just pray for market recovery now and work for it hard because if the price starts to grow up this negative effect will also be neutralized hopefully. I wish for a better future for cryptocurrency.

Not good news lately.Let's hope that the procedures of KYC and AML will allow us to revise the attitude to cryptocurrencies for the better.Because of such news and the market is red :P

This is not the first time news like this will be published. Cryptocurrency has always been surviving it. Those banks are being jealous and cautious of this competitor called crypto

This is extremely unfavorable for the Crypto market, thus reducing the amount of participants and coming to Crypto. I do not think there is any power that can counter Crypto.

Only trolls, state actors or paid propaganda artists who are the enemy of free people can take the words of central bankers or state officials seriously.

The staggering majority of intelligent people with reasonable awareness of how the world functions are now trusting technocrats and free intellectuals much greater than any

bank or state chairman.

Another stupid news. Another person expressed his own point of view. To which many do not care. Since many people say something to the country, there is danger and more threats. Who are waiting for us when working with the crypto currency. And they themselves do not even understand what blockage is. We are managed by a dork swap.

It does not say anything. Treat this simply as a private opinion of a bank official and no more. This does not mean that the whole banking system thinks so.

He's about crypto's are high volatile so what's new about this news? are they the first timers who called crypto's that way? no.

Exactly and I don't why this guy is taking this personally or he is just posting something that he wants to.

Expect that bankers won't be an ally for crypto's and they will always be mad at us.

Of course it's volatile and illiquid. But it won't always be.

Check coinmarketcap, coingecko, there is nothing call better or good at this moment.

This is discouraging to the crypto space and a bad news to the cryptos but the truth is that we have heard news worst than this in the past but cryptos still survives, So no amount of discouragement will make people to quit cryptos entirely. If cryptos is that bad, why is that big institutions are investing huge amount into cryptos? Think about it and stay positive, everyone must not support cryptos, banks are against it because of what they stand to lose when cryptos go main stream.

I doubt about the authenticity of the news and I think thus is a fud. An attempt to spread some negativity on crypto. Market is already bearish. Please don't spread such fake news and negativity, this can have severe affect on market.

The main reason for such an impressive instability is that people do not know what to expect from a crypto currency. The increase in demand is affected by the smallest trifle, which increases the attractiveness of crypto currency in the eyes of the consumer.
Similarly, the slightest and most natural depreciation of the exchange rate can provoke a disproportional decrease in demand. Then the crypto currency will start to fall, in fact, without any reason at first sight. Then, of course, it will grow again, if in itself is in demand. However, the fact of the fall will be fixed, and it, together with the subsequent growth, will determine that high volatility, which analysts say.

This must be another FUD that might trigger most of the investors to pull out their money out from the basket,which is why we should be expecting another bearish trend.If these news are real we should be able to get our money from the market,so that the damages that we'll get will be minimal.

oh yeah thanks for the info you gave, maybe this is what makes the market has decreased in price lately, but believe me bad newa only have temporary effect, after this crypto will be huge again and rising to the moon, good crypto for long term.

Still, such news affect the market as a whole! It is possible that in such countries will be cryptocurrency is prohibited. ICO in the us is prohibited! China also banned bitcoin. Just the most interesting thing, Russia on the contrary wants to legalize the cryptocurrency!

well there is nothing surprisingly unusual in it there are many countries which not only warn, biut ehoch forbid cryptocurrencies

i do not think that such a situation is going to daty forever, and sooner or later counries will accept cryptocurency world, i hope

That is only a clear warning shot that warns the banking system and the market to aware cryptocurrency exchange if the value of bitcoin continues dropping below $5000 USD. But mentioning another bearish trend that is hard to predict as the value of market now a days are surging $6K to $7k.

Thank you for the news. I think is not good at all. I don’t know why bank of England did this. But I think they are just afraid of cryptocurrencies progress. I hope someday they will accept cryptocurrency and understand the advantages of cryptocurrency.

Such warnings have been issued several times by other banks and people. I will continue to ignore such hints and recommend everyone not to let such hints drive you crazy. There are worse things that can happen than this message from a bank. There will always be people who are against crypto and will talk it badly.  ;)

Really ? Fiat money have more laundering and terrorist financing risks ... So it means we should not use Fiat money at all ? There always will be fraud and manipulation everywhere . They all keep saying same thing for years . Its nothing new

crypto is a revolution. Since this is a revolution, it will certainly be suppressed. Last year, China issued a ban on cryptocurrency trading in the country, but just a few days ago, the People's Bank of China decided to issue its own cryptocurrency. I think the influence of the Bank of England is not as great as the People’s Bank of China. So I'm still optimistic about crypto.

I am not worried about the warning issued by the Bank of England. I think that the cryptocurrency cannot be affected by the warning. On the contrary, I think this may indicate the return of the green market.

Crypt is a potential competitor for banks and if such a statement was published by another authoritative state or private but not an interested person, then I might be listened to ot.

The statement given by Deputy Governor of Bank of England might affect the cryptocurrency market. It might be one of the causes of dropping of price of cryptocurrency. Thanks for posting this.

Yes crypto market is so volatile and in recent time illiquidity is going on high. But I believe that it is just a matter of time to recover. Where market condition is not so good, we can not expect these terms would perform well.

Oh yes, again a warning from a bank. Banks are really scared of crypto, i would say.
Always funny to read. Thanks for sharing.

that's right bank of England sends a warning , it was written like this " crypto-assests have exhibited high price volatility and relative illiquidity". maybe crypto currencies protocol doesn't go with their rules that's why this kinds of incident happens

there is no question that this is a manipulative market and I agree people will loose money..more regulation also doesn't  ensure everything is right in this world after all this is the world for rich people

Banks are beginning to feel fear of cryptocurrency))) know that soon the banks on the blockchain will come out) imagine a new platform where you can get a loan in France from a Bank in Australia! what competition they will have, so they warn!

This is nothing new in the cryptocurrency arena, cryptocurrency has been condemned in the recent past by many governments sighting safety and unreliablllty issues  overtime. The fact that most governments feel like the national economies are threatened doesn't make it any better, there are also claims it's being used for money laundering, making most governments critical about it

Situations like this always arises, and this usually affects the price of cryptos negatively.. But the good news is cryptos have always find a bounce back stronger.

All this FUD is why the market is dropping hard, nevertheless I want us to be optimistic cause this is only a bear market.

This is indeed a sad news for the people engaged in the crypto currency market. This could also lead to a further downward fall in the price on the coins. This news may hit a greater impact, given the market is in a dip right now and could worse the situation even more.

these sort of news are very sad and disheartening given that the market is not doing very well right now with low prices. this could reduce the number of investors from a market so huge like the said country mentioned. this cloud drastically reduce the price furthermore in the market.

Eventhough they warns crypto in there community but as long as individuals still believe in crypto world they can't stop because there's a lot of solution due to the high technology right now.
If someone's country has the issues of crypto then market collapse at lower rate value so I hope for acceptance in this kind of technology for everybodys wealth.

Oh maan. another sad facts again..

I have to say I have read title and I don't think I will click link and read article because I simply don't care what banks are thinking. Since I joined this industry only bad news and negativity is coming from banks and in my opinion thieves don't have right to their opinion about crypto.
Banks were, are and will be against crypto. Nothing to read here.

Is it any wonder that the banker said about the crypto currency bad from the point of view? Bankers are worried about their profits and therefore whatever the crypto currency would be perfect, they would still think of something to blacken it and show citizens that they need to contact banks, and not leave banks to deal with crypto currency.
I do not think that the next and often repeated negative opinions of bankers regarding the crypto currency will somehow affect the price of the crypto currency.

Their warning is the same thing that every crypto investors already knows. We all know that there is high volatility that is associated with cryptocurrencies, with high volatility comes a higher chance of making a  lot of money which is good enough for me. I already knew coming into cryptos that it was a risk but it was a risk that I was willing to take.

What else can you expect from a bank? It's obvious that for them crypto is competition, and they want to diminish it's reputation, and keep people away from it. But we know that crypto is the future, and they will not be able to stop it from growing.

bank warnings arent new to cryptocurrency industry they are quite common and those who are in crypto are much aware of warning after seeing speculative graph of crypto is currency markets

In my opinion this is truth,what u want to hear more about crypto many peoples is using crypto for black work,terrorism,speculation and scaming peoples.I dont see anything good happened for the time in crypto history if im not correct please write,how crypto changing world to good side...

Something becomes a lot of such news about the crypto currency, but I still will not give up and will hold!)

The statements of the Bank of England do not surprise me because the banks are part of the "power group" that is trying in every way to stop the revolution of the world of cryptocurrencies. Banks have a great interest in combating this sector, because with the development of cryptocurrencies they would lose most of their banking transaction revenues

This clearly shows that banks are afraid of these new technologies and they do not welcome the changes in the current scenario. But this is just the start. Some banks have already joined the blockchain revolution. So few banks ban will not hurt crypto.

who cares?
Market is rising and target is new all time high and who cares bank of england? World is accepting crypto currencies and bank of england is going to accept that too.

Now Wall Street banks are ready to enter the cryptocurrency. Who cares what the Bank of England says？and I think the Bank of England will soon recover what it said in the face of interest.

This is a prejudiced statement. There are many loopholes in cryptocurrencies, but this is not a way to hinder the development of cryptocurrencies. In the future, everyone will accept cryptocurrencies.

They have always warned against cryptos, they owe it to their customers to make sure that they tell them the risks regarding something they are getting involved in. NO matter how hard the banks will try to discredit cryptos, it will not change the fact they they are a revolutionary technology. I won't be surprised to see these same banks start accepting cryptos in the future.

Britain, not once more. Lloyds likewise against Crypto. That is the reason everyone apply for German bank on the web, where is crypto amicable with immense points of confinement and simple enlistment. They will free a considerable measure of cash on the off chance that they continue overlooking crypto.

This is disheartening to the crypto space and an awful news to the cryptos yet actually we have heard news most noticeably awful than this before yet cryptos still survives, So no measure of debilitation will make individuals to stop cryptos totally. On the off chance that cryptos is that awful, why is that enormous foundations are putting tremendous sum into cryptos? Consider it and remain positive, everybody must not bolster cryptos, banks are against it in light of what they remain to lose when cryptos go standard.

I question about the realness of the news and I think hence is a fud. An endeavor to spread some pessimism on crypto. Market is as of now bearish. Kindly don't spread such phony news and antagonism, this can have extreme effect on advertise.

It's only another FUD and you can see that how the UK authority has been approving some application regarding the bitcoin mining and that gives a green lamp to the bitcoin in UK. I guess that has been created by the haters of bitcoin or purely the bank was creating FUD.

We have had several warning from banks towards the damager and risk in crypto investment, banks itself see blockchain tech as a threat against banks. As a result i don't expect a supportive statement from them.

It does not deliver anything. Treat this purely as a crotch estimation of a argot ordained and no also. This does not think that the total banking method thinks so.

In his words he might be correct but that doesn't make cryptos to be bad, I don't know why people only consider the market aspect of the it, no one talks about the technology, I believe the more people consider the tech aspect of the cryptos, more people will adopt it and find means to regulate the market part of it.

They will be allways against it because bitcoin is against their interest, or maybe they only want us to believe that, so btc can drop in price and they can buy it even more and more! it's a race boys...

I think they are only being scared that cryptocurrency might eventually kill banks and they'll lost their jobs. They are trying to fight for their jobs and secure their positions. Eventually, crypto might be able to break all odds and those who refused to adopt at an early stage will regret.

This clearly shows that banks are afraid of these new technologies and they do not welcome the changes in the current scenario. But this is just the start. Some banks have already joined the blockchain revolution. So few banks ban will not hurt crypto.

Another banker, who believes that the crypto currency is threatening his company. And he correctly thinks, because the people's keenness with the crypto currency is becoming more tangible for the economy.

They say so because they understand that the crypto currency is a big competitor for all banks and the banking system. Crypto currency can make it so that banks as such will no longer be needed!

Yeah it is true that crypto currency is so volatile but I would expect the Bank of England and other to help to find a lasting solution to the problem, instead of attacking crypto currency, they should work closely with the space to improve it because in the long run, it will benefit everyone.

Crypto is not all about supplying money to terrorist or to buy illegal. Item or smuggle weapons from some country its also about communication of one person to another country... Making transaction between crypto members and creating bonds and mutual trust..

There are many banks that have shown some support to cryptos so bank of England is not really a source of worry, I believe in the near future, they will still support cryptos, and the more these banks support cryptos the more the space will stabilized.

Many people who warn of the dangers of cryptocurrencies are investors of it... who knows...  ???

This is really a bad publicity stunt for the crypto market. And that it is coming from one of the leading banking sector in the world would equally send the wrong signals. Truth be told, he was right with his revelations there, only that the crypto world needs to work on how to improve the short comings associated with it.

Everybody will not support crypto currency, some people will be against it while other will still support it, so we should always focus on the positive news and forget about the negative news about crypto currency

That is true but for me most of those people just don't know what crypto is exactly, cause in this type of market we decide what we will do with our budget.

Many Banks and countries do not approve of investing in crypto because they feel that investing in crypto is risky and not suitable for long-term investment, which is also bad news for the BTC.

That's because of such news the market of crypto currency is at the bottoms. But the development of the crypto currency is already difficult to stop.

Yes it is true we cant deny the fact that crypto has many fraud, manipulation, volatile, and etc etc but still we cant also deny that crypto and blockchain are to be considered good invention in history. We also cant deny the fact that many people instantly turned millionaire by the help of cryptocurrency. Crypto has disadvantages but also it has advantages it is clearly depends on the people on what action they will do here in crypto.

Everybody is protesting against the crypto currency. Because they worry that the crypt will be more in demand. After all, it is not regulated by anyone. Lives on its own. And it works the same way. So, that's what I think.

This is normal, the vigorous development of the encryption industry to a certain extent has had a great impact on the traditional financial industry.

Not only the Bank of England is afraid of crypto-currency. The whole world banking system is waiting for its death. Those who are in power are afraid of losing control over the financial system. They can be understood. You can also look at China with a smile.

This is disheartening to the crypto space and an awful news to the cryptos however in all actuality we have heard news most exceedingly awful than this previously yet cryptos still survives, So no measure of demoralization will make individuals to stop cryptos completely. On the off chance that cryptos is that awful, for what reason is that huge foundations are putting colossal sum into cryptos? Consider it and remain positive, everybody must not bolster cryptos, banks are against it in light of what they remain to lose when cryptos go standard.

This type of news are always floating but it wont affect much on bitcoin, bitcoin have sustained the $6000 mark and now moving back up. And it is true that all world banks and financial institutions are afraid of bitcoin as they are loosing the control of the fiat currency and their earnings.

Banks in general do not like changes in the financial sector, and such significant and so revolutionary. England generally fell asleep with its reactionary character. And the charge of the crypto currency in its possible use for illegal purposes is already traditional. Therefore, there is nothing surprising in this statement. The time will come, and this bank will provide services in the crypto currency.

Thats another way of saying this is a great opportunity to make money.  Thats what I hear, anyways!  But then again I'm a bit of a fiend for risk, so...What can I say.

To people like us that have been in this market for some time, this is no news since we know this is the case, there is high volatility and there are some projects that seem suspicious but like always instead of accepting this as the current nature of the market the banks warn of this as if this is a unique feature of this market, if I remember correctly the crisis in 2008 was caused by the derivatives bubble which was many times worse than the market we have.

This is disheartening to the crypto space and an awful news to the cryptos yet in all actuality we have heard news most noticeably awful than this previously yet cryptos still survives, So no measure of debilitation will make individuals to stop cryptos totally. On the off chance that cryptos is that awful, for what reason is that huge organizations are putting gigantic sum into cryptos? Consider it and remain positive, everybody must not bolster cryptos, banks are against it as a result of what they remain to lose when cryptos go standard.

Interestingly, develop your project and you will succeed. This is an interesting topic for people, you can look at it. Thank you for attention. ;) :D It seems to me green, as there is a different increase in different currencies. Every time the market makes us happy, then it's green, I do not see any other option. ;D I think you need to wait, this time is an important thing in the crypto currency, which must be observed. All will be well with you, believe in it. :) :) :) :) :) :) :) :)