Keiser notes that the potential adoption of Bitcoin by the BoE is part of the broader notion that the asset has ‘killed’ central banks, Express.co.uk reports. He states that BoE is eventually considering adopting Bitcoin, a process that is in various phases, which he likened to the five stages of grief. Keiser believes that the bank is in the anger phase. His comments come after Bank of England deputy governor Sir Jon Cunliffe indicated that cryptocurrencies threaten the global economy and called for the sector’s regulation.
BoE’s strict approach to Bitcoin
According to Cunliffe, if strict regulations are not imposed on Bitcoin and cryptocurrencies, they can generally trigger a financial meltdown. He cited the volatility of the assets as the main reason for banning Bitcoin. According to Cunliffe: The official maintained that Bitcoin poses stability risks that can grow rapidly, affecting the general financial system. He said that the main concern is that the crypto assets have no intrinsic value and are vulnerable to significant price corrections. Cunliffe acknowledged that governments must be careful not to overreact or classify new approaches as “dangerous” because they are different. However, he stated that cryptocurrencies and the technology behind them offer a radical improvement in financial services. [coinbase]
