{"id":473257,"date":"2022-07-12T20:05:39","date_gmt":"2022-07-12T17:05:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/boe-official-compares-current-crypto-market-regulation-to-unsafe-aeroplanes\/"},"modified":"2022-07-12T20:05:39","modified_gmt":"2022-07-12T17:05:39","slug":"boe-official-compares-current-crypto-market-regulation-to-unsafe-aeroplanes","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/boe-official-compares-current-crypto-market-regulation-to-unsafe-aeroplanes\/","title":{"rendered":"# BoE official compares current crypto market regulation to &#8216;unsafe aeroplanes&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e637d8a45\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e637d8a45\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/boe-official-compares-current-crypto-market-regulation-to-unsafe-aeroplanes\/#%E2%80%9D_BoE_official_compares_current_crypto_market_regulation_to_%E2%80%98unsafe_aeroplanes_%E2%80%9C\" >&#8221; BoE official compares current crypto market regulation to &#8216;unsafe aeroplanes&#8217; &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BoE_official_compares_current_crypto_market_regulation_to_%E2%80%98unsafe_aeroplanes_%E2%80%9C\"><\/span>&#8221; BoE official compares current crypto market regulation to &#8216;unsafe aeroplanes&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYWI0YzQ3OTUtZTA2OS00MGZlLWFjNTktN2IzYjFiYzA1YjIzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn.<\/p>\n<p>In a written speech at the British High Commissioner&#8217;s Residence in Singapore on Tuesday, Cunliffe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bankofengland.co.uk\/speech\/2022\/july\/jon-cunliffe-speech-on-crypto-market-developments-at-the-british-high-commission-singapore?sf167435485=1\">said<\/a> regulators needed to \u201cget on with the job\u201d of incorporating crypto and blockchain into existing frameworks. He cited certain events leading up to what some have called the next crypto winter, including the price of Bitcoin (BTC) losing \u201c70% of its value since November,\u201d the collapse of Terra, stablecoins becoming depegged from the U.S. dollar, and Three Arrows Capital filing for bankruptcy in Singapore.<\/p>\n<p>\u201cThe lesson we should not take from this episode is that \u2018crypto\u2019 is somehow \u2018over\u2019 and we do not need to be concerned about it anymore,\u201d said Cunliffe. \u201cCrypto \u2013 technologies offer the prospect of substantive innovation and improvement in finance. But to be successful and sustainable innovation has to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en within a framework in which risks are managed: people don\u2019t fly for long in unsafe aeroplanes.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Jon Cunliffe sets out what he thinks the lessons are from the recent instability and losses in crypto markets &#8211; the so-called \u2018crypto winter\u2019. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/IoJ5YGaYln\">https:\/\/t.co\/IoJ5YGaYln<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/7E6glOr4FW\">pic.twitter.com\/7E6glOr4FW<\/a><\/p>\n<p>\u2014 Bank of England (@bankofengland) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bankofengland\/status\/1546766342824534016?ref_src=twsrc%5Etfw\">July 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nAccording to the deputy governor, regulators needed to accelerate efforts to find a place for crypto in current frameworks based on the principle of \u201csame risk, same regulatory outcome.\u201d Cunliffe added that though the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> around finance had changed, it did not change the underlying risks coming from leveraging assets and volatility around investments with \u201cno real economy assets backing them and no means of generating revenue,\u201d as well as the need for assets \u201cto have a stable value under stress\u201d for them to be used for transactions.<\/p>\n<blockquote><p>\u201cEven with the recent collapse crypto assets and crypto markets have not posed a systemic risk, though I recognise of course that this of is little comfort to those nursing substantial losses.\u201d<\/p><\/blockquote>\n<p>Leadership among financial lawmakers and regulators in the United Kingdom has recently changed hands amid the scandal around soon-to-be-former Prime Minister Boris Johnson. Nadhim Zahawi took over following Rishi Sunak\u2019s resignation as chancellor of the exchequer, and Richard Fuller has replaced John Glen as the economic secretary. Treasury also announced on July 8 that Hong Kong Securities and Futures Commission CEO Ashley Alder will become the next chair of the U.K. Financial Conduct Authority, or FCA, starting in January.<\/p>\n<p>Regulators seem to be stepping up efforts to propose regulations for cryptocurrencies and stablecoins across the European Union and the globe. On Monday, the Financial Stability Board, or FSB, said it planned to present certain global crypto rules which would likely apply to G20 member states starting in October. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto market volatility shows need for &#8216;enhanced regulatory and law enforcement frameworks&#8217; \u2014 BoE<\/em><\/strong><\/p>\n<p>Prior to the resignations in response to Boris Johnson\u2019s actions, the U.K. Treasury had been moving forward with a regulatory framework on stablecoins as a means of payment. Cunliffe added that the FCA, Bank of England, and FSB planned to issue a consultation paper on a proposed policy framework for stablecoins later in 2022. <\/p>\n<p>\u201cInnovators, alongside regulators and other public authorities, have an interest in the development of appropriate regulation and the management of risk,\u201d said Cunliffe. \u201cIt is only within such a framework, that they can really flourish and that the benefits of technological change can be secured.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/boe-official-compares-current-crypto-market-regulation-to-unsafe-aeroplanes\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BoE official compares current crypto market regulation to &#8216;unsafe aeroplanes&#8217; &#8220; Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn. In a written speech at the British High Commissioner&#8217;s Residence in Singapore on Tuesday,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":473258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYWI0YzQ3OTUtZTA2OS00MGZlLWFjNTktN2IzYjFiYzA1YjIzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75044,74858,55229,70934,4966],"class_list":["post-473257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-of-england","tag-bitcoin-regulation","tag-law","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=473257"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/473258"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=473257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=473257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=473257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}