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The central government of the Bank of England stated today that "technology does not change the underlying risks in economics and finance."
During a speech at the British High Commission in Singapore, Bank of England Deputy Governor John Cunliffe stated that lessons should be drawn from the "crypto winter," referring to Bitcoin's steep decline from its all-time high of $69,044.77 in November.
Bitcoin is selling at $19,817.92, 71 percent less than its 2017 high. As investors flee risk assets, including cryptocurrencies and stocks, amid concerns of a deepening recession, almost every coin on the market is down in 2018. According to Cunliff, now is the moment for authorities to safeguard investors from more losses.
“Crypto-technologies offer the prospect of substantive innovation and improvement in finance,” he stated. “But to be successful and sustainable, innovation has to happen within a framework in which risks are managed: people don’t fly for long in unsafe airplanes.”
Cunliffe continued by stating that most cryptocurrencies lack inherent value and are thus “vulnerable to collapse.” He also warned about the instability of stablecoins, notably the Terra network’s UST.
Stablecoins, which are tied to real-world assets such as the euro or U.S. dollar to maintain a stable value, are the backbone of the cryptocurrency ecosystem.
In May, however, Terra, a famous blockchain in which billions of dollars were invested by investors, collapsed totally when its stablecoin “depegged” or ceased having the same value as the dollar.
At the beginning of this month, the Bank of England advocated for stricter legislation to protect the financial sector in the future.
And it’s not the only central bank advocating for regulation: the vice-chair of the Federal Reserve reiterated these concerns last week, noting significant investor losses.
As the world of cryptocurrencies is here to stay, Cunliffe stated today that authorities must work swiftly to bring “the use of crypto technology in finance inside the regulatory perimeter.”
“Or to put it the other way around, the lesson we should not take from this episode [the crypto winter] is that ‘crypto’ is somehow ‘over,’ and we do not need to be concerned about it anymore,” he added.