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 …
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
