Cryptocurrency exchanges to face regulatory clampdown, says Bank of England's Mark Carney

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Cryptocurrency exchanges to face regulatory clampdown, says Bank of England's Mark Carney

'The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system,' the Bank of England Governor said

Ben Chu Economics Editor @Benchu_ a day ago5 comments

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The Independent Online

Mr Carney said that, in his view, cryptocurrencies do not currently pose risks to financial security
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Cryptocurrency exchanges will be policed more rigorously by regulators and the currencies themselves could present a future risk to financial stability, the Bank of England Governor has said.

Addressing the Scottish Economics Conference in Edinburgh via a video link, Mark Carney promised a clampdown on any use of cryptocurrency exchanges for money laundering and terrorism-financing.

Unlike a traditional digital bank transfer, it is impossible to trace the ownership of cryptocurrencies such as bitcoin, making them attractive to criminals and tax evaders