The deputy governor of BOE: Some crypto assets are purely speculative, with no backing

07/17 02:07

Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), discussed cryptocurrency risks and regulations this week at the British High Commissioner’s residence in Singapore. The Bank of England executive cautioned: “Financial assets with no intrinsic value … are only worth what the next buyer will pay. They are therefore inherently volatile, very vulnerable to sentiment and prone to collapse.” He explained that some crypto assets are purely speculative, with no backing. He also reiterated his previous warning that if you invest in crypto assets, you must “be prepared to lose all of your money.” Jon Cunliffe added the recent volatility in crypto markets has not posed a risk to the overall financial system, noting that crypto may not be “integrated enough” into the rest of the financial system to be an “immediate systemic risk.” However, asserting that the boundaries between crypto and the traditional financial system will “increasingly become blurred,” Cunliffe said that without action, systemic risks would emerge, particularly if crypto activity and its connection to banks and other markets continue to grow. He stressed that regulators need to “get on with the job” and bring crypto within the “regulatory perimeter.”

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