Bank of England says crypto now bigger than subprime debt that led to crash. Deputy Governor Jon Cunliffe says ‘urgent’ action needed.
Central bank sees financial stability risk from quick growth.
The crypto-currency market is double the size of the sub-prime debt in the U.S. on the eve of the financial crisis and poses a threat unless urgently regulated, the Bank of England said, according to Bloomberg.
Crypto assets are now worth $2.3 trillion, about 200% more than at the start of the year. While that’s still a small part of the $250 trillion global financial system, it’s about twice the size of the $1.2 trillion sub-prime real estate debt market in 2008.
“You don’t have to account for a large proportion of the financial sector to trigger financial stability problems,” BOE Deputy Governor said …
Dariusz Mazurkiewicz – CEO at BLIK Polish Payment Standard
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
