John Culifferthe, Bank of England’s Deputy Governor, discouraged crypto’s use in the UK’s finance system. He announced earlier that although cryptocurrencies are becoming more supported within United Kingdom’s financial system, they aren’t a significant threat.
However, he also recommended that enhanced regulations should be enforced as digital currencies constantly expand.
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The bank stated in a publication that there is a need to regulate cryptocurrency at a local and an international level.
Earlier in July, the bank warned against cryptocurrency spillover into traditional markets. It also said about banks, institutional investors, and payment operators’ absorption of cryptocurrency for transactions.
Cryptocurrency Price Appreciation
While cryptocurrencies like Bitcoin, Ethereum, and Tron prices spiked at the