The British Bank Governor Carney Searches For Cryptocurrency Regulation Ahead

The governor of the Bank of England has given interview saying, that cryptocurrencies, such as Bitcoin should be regulated in the near future.

Mark Carney thinks, that there are number of problems with cryptocurrencies. And day after day they are getting bigger. He said;

“We will talk about them at the G20 meeting and we are talking about them now in the Bank of England. The Financial Policy Committee is looking at the risks to financial stability.

He mentioned the problems for authorities who deal with money laundering, terrorist financing and price fixing. Also he said, there have been a number of theft incidents, such as money theft from users’ crypto-wallets.

“The operational standards of these currencies are nowhere near where they need to be.”

He was answered about the possibility of cryptocurrency regulation. Carney said, the digital currencies will be regulated.

Mr. Carney agreed that the growth of cryptocurrencies had followed the pattern of previous financial bubbles.

He said: “It has all the hallmarks of a bubble. And normally they end with a pretty brutal reckoning,” adding that the idea that Bitcoin would ever be used as a replacement mainstream currency was “an impossibly high bar”.

Carney also talked about blockchain technology saying, that it has been developed in parallel with new currencies and that was exciting.