Carney calls for crackdown on cryptocurrency 'mania'

Carney calls for crackdown on cryptocurrency 'mania'
From BBC - March 2, 2018

Cryptocurrencies such as Bitcoin should be regulated to crack down on illegal activities and protect the financial system, Mark Carney has warned.

The Bank of England governor said their inherent risks meant investing in cryptos could lose money.

"The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system," Mr Carney said in a speech on Friday.

Cryptocurrencies "do not appear to pose material risks to financial stability".

But he said that could change if more people began investing in them.

Although some countries have banned them, Mr Carney said regulation would be a better approach.

"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.

Analysis: Simon Jack, BBC business editor


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