Bank of England Governor Andrew Bailey has warned that crypto creates “opportunity for the outright criminal.” The head of the central bank described: “You only have to ask the question ‘What do people who commit ransom attacks usually demand payment?’ The answer is crypto.
Bank of England governor warns against cryptocurrency
Bank of England (BOE) Governor Andrew Bailey spoke about cryptocurrency on Monday at a “Stop Scams” conference hosted by the central bank.
Bailey said cryptocurrencies are the new “front line” in criminal scams, pointing out that crypto has created an “opportunity for the real criminal.”
Just ask the question “How do people committing ransomware attacks usually demand payment?” The answer is crypto.
Bailey urged banks, tech companies and government institutions to work with the Bank of England to crack down on scams targeting consumers, which he acknowledged was work that “will never be done”.
The central bank governor also accused some crypto users of violating sanctions imposed on Russia after its invasion of Ukraine. He asserted:
Some crypto enthusiasts say they shouldn’t be covered by Russian sanctions because it’s not their world. I’m sorry, this is your world. We are all in the same world.
The UK government unveiled a detailed plan earlier this week to position the UK as a global crypto hub.
“We believe that by making this country a hospitable place for crypto, we can attract investment…generate many new jobs…and create a wave of groundbreaking new products and services,” said John Glen, the Kingdom’s economic secretary. United Treasury.
What do you think of the comments of the Governor of the Bank of England? Let us know in the comments section below.
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