Bank of England: Crypto crashes show need for tougher rules
— Gold, England, Called, Recent cryptocurrency meltdowns, Safer bet among cryptocurrencies, Manage, Cryptocurrency industry, Value highlight, Conventional world — 1 min read
Bank of England warns that recent cryptocurrency meltdowns highlight need for tougher financial regulations. Extreme volatility in the crypto markets resulted in “fire sales" and amplified price falls, the bank said. The bank worried that "systemic risks" would grow as cryptocurrencies become more intertwined with the wider financial system. Bitcoin and other cryptocurrencies have tumbled this year, slashing the total value of cryptocurrencies from $3 trillion at its peak in late to 2021 to $900 billion, the central bank said in its latest financial stability report. The European Union signed a provisional deal for a package of sweeping regulations for the bloc's 27 member nations to tame what the deal's lead negotiator called the “Wild West of the crypto world" The U.K. Treasury has proposed regulating Source