The Governor of the Bank of England, Andrew Bailey, believes that cryptocurrencies create conditions for the development of crime, so he called on regulators to tighten the fight against cryptocurrency fraud.
This was stated by Andrew Bailey at the Stop Scams conference organized by the Central Bank this week. Bailey called cryptocurrencies the new “front line” in criminal scams, which are increasingly used by hackers, scammers and other wrongdoers. Bailey urged banks, technology companies and government agencies to work with the Bank of England to stop illegal activities with cryptocurrencies. At the same time, he is very pessimistic and believes that this work “will never be completed to the end.”
“Just ask yourself, ‘What do ransom hackers typically demand in payment?’ The correct answer is cryptocurrencies,” said the governor of the Central Bank of England.
He also criticized cryptocurrency users who believe that they should not be subject to sanctions imposed against Russia in connection with military operations in Ukraine. According to Bailey, all people live in one world, and dissatisfied users will have to reckon with this, because this is their world.
However, UK Treasury Secretary John Glen is not as vehemently opposed to cryptocurrencies as Bailey. On the contrary, Glen proposed to make the country an international center for cryptocurrencies. By creating favorable conditions for their development, the UK will be able to attract investment, create new jobs, and also introduce a number of revolutionary products and services, Glen said.
This week, the UK Ministry of Economy and Finance announced its intention to amend the current legislation, according to which stablecoins can be considered an acceptable form of payment.
