Crypto crashes show need for tougher rules: Bank of England
— Wild west, Bank said, Trillion, Package, Enhanced regulatory, Recent cryptocurrency meltdowns, Crashes, Systemic risks, Total value, Last week — 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. 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. 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. Officials across Europe have been stepping up scrutiny of the Source