Bank of England warns against Cryptos

[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.

[Ceballos]

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.

[engesi]

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.

[chenhaonan]

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.

[jhache]

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.

[Sywekoli]

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.

[pissuyakkuu]

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.

[cozujeye]

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.

[JeffBrad12]

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.

[Iyanu14]

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.

[Rejinx]

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.

[mbally]

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.

[CryptoRama]

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...

[gabrielkings]

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.

[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.

[ElizaZX]

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.

[Derzkiy]

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

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!

[iamreal]

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.

[tot-o]

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..

[obility]

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.