Bank of England warns crypto could threaten the established financial system
Deputy Governor for Financial Stability at the Bank of England warned about cryptocurrencies such as Bitcoin rapidly reaching the threshold of mainstream adoption- worried about the ripple effect a sudden price correction could have on the established financial system, BBC reported.
Sir Jon Cunliffe voiced his concerns following the Bank's latest Financial Stability Report that examined the health of the UK's financial system. According to the Bank of England's financial stability committee, the risks to the financial system have returned to their levels before the pandemic.
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