Echoing many other institutional leaders of the world, the Deputy Governor of the Bank of England also issued a warning against the potential danger of cryptocurrency to financial stability in the country. The governor in question, Sir Jon Cunliffe, has always been against the idea of legalizing crypto for regular transactions. He made these comments about crypto in the hugely popular BBC Today show. In his interview, he urged British lawmakers to consider the pros and cons carefully before giving the nod to cryptocurrency in the economy.
According to Sir Jon Cunliffe, the biggest threat is the merging of digital assets and traditional assets, as with bitcoin-backed ETFs. He believes that such integrations could prove to be disastrous for the economical integrity of the country and lead to national economic destabilization.
Sir Jon Cunliffe’s comments and views follow a larger trend of speaking against cryptocurrency. The supposed risks of cryptocurrency to the national economic framework have not yet been proved anywhere in the world. While everyone agrees about the volatility in the market and prevalence of illegal activities using cryptocurrencies, only institutional leaders so far have talked about a potential economic destabilization. While talking to the host, Cunliffe also said the blockchain and crypto technology has made improvements over the year and hold the potential to change the way we function. However, he remains adamantly anti-crypto in his views and wants lawmakers to rule against its legalization or integration.