Carney calls for crackdown on crypto-currency 'mania'

[anapodrimaj]

Crypto-currencies such as Bitcoin should be regulated to crack down on illegal activities and protect the financial system, Mark Carney warned.
"A better path would be to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system," he said.

This is great news for legitimate ICO and Crypto Currencies. AiX (https://aix.trade/) will be one of the first FCA regulated ICO's.

http://www.bbc.co.uk/news/business-43254537

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[juicyjanet88]

The title is a bit misleading, I expected this to be overwhelmingly bad. It's a worldwide trend now to push for cryptocurrencies to be better regulated and I for one think that longer term it's a good thing and will only contribute to the continued success of cryptocurrencies.

It's going to be very interesting to watch how different countries try to tackle things as it's a very difficult area to effectively regulate.

[tomahawk9]

What a dumb and sensationalist title (then again, it's BBC news). A 'crackdown' makes is sound like something extremely bad is about to happen to cryptos, but the crack down is "to combat illicit activities". Carney even said cryptocurrencies "could potentially catalyse innovations to serve the public better".

And he's actually adressing something that I'm pretty sure most of us what to see: regulations. They will help bring legitimacy on cryptocurrencies, and this will help push for widespread adoption in no time.

[cindygirl]

It seems that mainstream media always find a way to spin things in a bad way. As others have said, the title is really not in tune with what he is actually saying.

Governments and high power officials everywhere are calling for better regulation to prevent illegal activities. If this was about something else you can guarantee the title wouldn't be so misleading.

[Tipestry]

The sensationalist title of this article is an example of a wider problem that can hopefully be solved with blockchain enabled micropayments. If people could spend a tiny amount of money more easily to purchase content, higher quality journalism could make a comeback because they wouldln't have to rely on clickbait and cheap ads as much and they could more easily pay a decent salary to quality journalist like they could back when people paid for newspapers and magazines.

[The_Dark_Knight]

What a dumb and sensationalist title (then again, it's BBC news). A 'crackdown' makes is sound like something extremely bad is about to happen to cryptos, but the crack down is "to combat illicit activities". Carney even said cryptocurrencies "could potentially catalyse innovations to serve the public better".

And he's actually adressing something that I'm pretty sure most of us what to see: regulations. They will help bring legitimacy on cryptocurrencies, and this will help push for widespread adoption in no time.

The reporters are not there to spread the truth but to make money for their employer and if that means twisting words and sometimes even lying then they will do it we have seen this many times and I'm not even surprised at this point this is why I have stopped reading or watching news on TV since most of the time they spread irrelevant info or lies.

[Kingofbitcoin12345]

Soon this mediamen will be tired on making bad news about cryptocurrency,, when that time comes they will be investing or they might actually in bitcoin but on hidden or personal because they’re paid by bankers and expert “fake” to spread they’re black propaganda to the public.. Its just that money and work is what they value for now and not the truth.. Fiat is used on illegal activities and it is regulated but does they really controlled those they can’t even stop it..

[dothebeats]

Crackdown isn't an appropriate word, I think, but rather regulate. These click-bait titles often make rounds which gullible people take as serious and smart traders use it to their advantage to take more money. Anyway, proper regulation is really needed to stop the growth of fraudulent ICOs which are just scams hiding behind a legitimate name. Soon other countries will start doing the same so as to protect their citizens from these scams riding the hype of cryptos. Crypto mixed up with proper regulations is a win-win situation for all, though there are really bad elements that make crypto look evil in the eyes of the people.

[staywoke081]

"A better path would be to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system," he said.

Epic quote, it is like the US dollar and other fiat currencies are never used for illegal activites . Oh and lets protect the "soundness" of the current financial system, wow what meth have you been smoking? There is nothing sound about excluding 5 billion people. There is nothing sound about running KYC and AML for no reason other than leaving oneself open to a potential hack later. Please give me a break, the current financial system has failed most if not all of us we needed a shakeup.

[juicyjanet88]

"A better path would be to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system," he said.

Epic quote, it is like the US dollar and other fiat currencies are never used for illegal activites . Oh and lets protect the "soundness" of the current financial system, wow what meth have you been smoking? There is nothing sound about excluding 5 billion people. There is nothing sound about running KYC and AML for no reason other than leaving oneself open to a potential hack later. Please give me a break, the current financial system has failed most if not all of us we needed a shakeup.

KYC and AML measures are fairly understandable and a step forward for cryptocurrencies, provided you are looking at it from an investors point of view instead of an idealistic point of view.

When there are better regulations in place more and more people will invest in cryptocurrencies as they can trust it much more.

Right now people are too put off by the stories of scams and such.

[liseff3]

Only the government can fight illegal activities because this is their authority we are just ordinary crypto users is it possible to do it all?

[The_Dark_Knight]

Soon this mediamen will be tired on making bad news about cryptocurrency,, when that time comes they will be investing or they might actually in bitcoin but on hidden or personal because they’re paid by bankers and expert “fake” to spread they’re black propaganda to the public.. Its just that money and work is what they value for now and not the truth.. Fiat is used on illegal activities and it is regulated but does they really controlled those they can’t even stop it..

I'll not be surprised at all if many of the people that are publicly against bitcoin have in fact big holdings of it, this kind of hypocrisy is very common, and I see it all the time there were many reporters that where against particular politicians in my country and after they were fired they changed their ideology, but it was not like that they were pay to spread a particular point of view, the one of the owner.

[arseaboy]

Soon this mediamen will be tired on making bad news about cryptocurrency,, when that time comes they will be investing or they might actually in bitcoin but on hidden or personal because they’re paid by bankers and expert “fake” to spread they’re black propaganda to the public.. Its just that money and work is what they value for now and not the truth.. Fiat is used on illegal activities and it is regulated but does they really controlled those they can’t even stop it..

I'll not be surprised at all if many of the people that are publicly against bitcoin have in fact big holdings of it, this kind of hypocrisy is very common, and I see it all the time there were many reporters that where against particular politicians in my country and after they were fired they changed their ideology, but it was not like that they were pay to spread a particular point of view, the one of the owner.

Not impossible, those who great fake news and negative approach with crypto currency are also those who wanted to hold much bigger stake, I'm sure that they seen a big opportunity if they will hold bitcoin and wait for it rise again, the only victim of this news are those who always relying on it and never to take some time to read more about this industry, better to be well aware and prepare yourself to take some risk in wait for the positive outcome.