BoE on Crypto Regulation

[{"selector":"#anim-915af2e5-d6f1-481f-823f-edf2441977a4","keyframes":[{"transform":"rotate(-540deg) scale(0.1)","opacity":0},{"transform":"none","opacity":1}],"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both","iterations":1}] November 21, 2022

Jon Cunliffe, Deputy Governor, Bank of England spoke on the FTX collapse and the need for regulations.

[{"selector":"#anim-599e093e-5269-41b0-a4a7-fe005cc82ceb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f2f610b-6aba-4519-a894-bf17f3ae827c","keyframes":{"transform":["translate3d(113.05483%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-192603c6-c958-4e8d-9cad-247663b0edc3","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Learn more

After FTX debacle, he talked about the need to integrate a regulatory framework in the crypto world.

[{"selector":"#anim-21817d7c-b3b1-49c4-aafd-f2a804b91857","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-966024be-5bcc-4a73-887e-f9c00d6094a0","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-71b870c1-3baf-4768-8eaa-60ec49cad938","keyframes":{"transform":["translate3d(103.91644%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-a4bf2f8f-3bf0-4739-84c5-85387d896558","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

On November 11, FTX and its affiliates filed for bankruptcy after SBF resigned from his CEO position.

[{"selector":"#anim-e713fe2a-de73-4b8d-acaf-183619af2560","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-beb8e05f-af62-4bd3-a865-7d1e2086cd79","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-dc8e63f8-364c-4e55-8908-0251ad48eb04","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

FTX owes nearly $3.1 billion to its top 50 creditors.

[{"selector":"#anim-57d0f433-b17d-44f7-9331-fc3ebb47a45d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f0f99c0c-18d5-4c2b-b8d8-df3834f521a9","keyframes":{"transform":["translate3d(0px, 91.44183%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Cunliffe added the need for a framework to “prevent crypto shock that could have a much greater destabilising impact.”

[{"selector":"#anim-6e3e26e6-0868-4de0-9b3a-0526a471d3e1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8c2a6771-11a2-422b-9b7a-831681fe1e47","keyframes":{"transform":["translate3d(122.77580%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3f3217e-03ac-4a6c-8291-09a2ecb687d4","keyframes":{"transform":["translate3d(108.09399%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-4e9784e9-597f-491d-a116-04c85eedff75","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Learn more

Furthermore, he said the Bank of England will hold public consultations to develop more detailed rules for stablecoins.

[{"selector":"#anim-3c557476-45f9-4c8e-8c8e-9d0941358429","keyframes":{"transform":["translate3d(133.20462%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1bc817a4-f909-40a0-9b97-2461a495fb15","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7f543672-3d54-4d2c-b3f2-c71a7053512e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-e77a49b0-edbf-4af8-ae61-33208e4a78f9","keyframes":{"transform":["translate3d(106.26632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-71fb768c-6566-4235-9b40-695590aa4954","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

Currently, BoE and finance ministry are looking at their own digital pound.

[{"selector":"#anim-8cb80cda-5359-4aea-bbe6-ae36c2112084","keyframes":[{"transform":"rotate(-540deg) scale(0.1)","opacity":0},{"transform":"none","opacity":1}],"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both","iterations":1}] [{"selector":"#anim-c1a6308f-f4e3-43a7-a7f9-96b28262745f","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-69388ed8-c40e-4225-ab34-03e9136502bd","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-608e66da-3423-450d-a91a-c05a5722aee1","keyframes":{"transform":["translate3d(116.47511%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15ad7360-b51d-4062-8839-7d83c2ab3f3c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72747004-7e52-4888-963b-9b86ee1d84cc","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More Stories