Bank of England: cryptocurrency growth could endanger financial security

In a financial security statement released on Monday, the Bank of England said crypto assets now pose less risk to the stability of the UK financial system, but growth has made crypto assets riskier because they are connected to a larger financial network. .

The Bank of England said that "the importance for banks of being exposed to unsolicited crypto assets could expose them to financial, operational and reputational risks." like marketing and storage.

The Bank of England believes that if companies view cryptocurrencies as "essential" to their investments, the decline in the value of cryptocurrencies could lead to the sale of other assets and a "correction" for financial shocks. The bank is committed to "improving governance and governance processes in the country and internationally". Additionally, transparency in advertising requires efforts to prevent further interference with crypto assets.