Bank of England warns against Cryptos

[Vaniaayu]

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

[AK47-]

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

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.

[BruceJu]

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

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.

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.

[taiwww]

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

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.

[kevoh]

“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

What the hell is wrong with you? You clearly lifted this post of yours verbatim from this article on Reuters website. 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.

[Zadicar]

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!

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.

[anilsaini.jaipur]

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.

[PeterCarlos]

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

@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

[kris679]

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!

[Topmenx7x]

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

[Jobbernowl]

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.

[karramov]

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

[rufus59]

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

[cryptohopes]

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.

[kolsernik]

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

[Valentina N]

On my opinion it is just a "special manipulative game'. I don't believe in any journal, expert. I believe only in what I see ( not every-time). This words is nothing for me.

[Ceyebrity]

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

[jackylion]

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.

[Vispilio]

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.

[Utyg]

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.