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Bank of England Governor warns cryptocurrencies are being used for criminal activities.

Bank of England Governor warns cryptocurrencies are being used for criminal activities.


The governor of the Bank of England, Andrew Bailey, said during an online question-and-answer session organized by the British central bank that the rise of cryptocurrency is helping illegal activities. He was quoted as saying, “The advent of digital means of payment, particularly crypto assets, I’m afraid that the evidence suggests … that it is providing another means of payment for people who want to conduct criminal activity.”

 

Governor Bailey has warned about various aspects of cryptocurrency on several occasions.

The Bank of England’s governor warned about various aspects of cryptocurrency on several occasions. He said in May: “I’m skeptical about crypto-assets, frankly, because they’re dangerous, and there’s a huge enthusiasm out there.” He also stated that cryptocurrencies “have no intrinsic value.” However, the governor added that it does not mean people do not put a value on them, noting that “they can have extrinsic value.” Nonetheless, Bailey emphasized: “I’m going to say this very bluntly again. Buy them only if you’re prepared to lose all your money.”

 

Financial regulators worldwide express concern regarding the use of crypto in criminal activities.

The Bank of England governor is not the only one worried about crypto being used in illicit activities. Earlier in May, the European Central Bank (ECB) president, Christine Lagarde, said that cryptocurrencies are prone to money laundering. U.S. Treasury Secretary Janet Yellen also talked about crypto being used in illicit financing several times this year. In February, she stressed the importance of crypto regulation to ensure bitcoin and cryptocurrencies are not used in illicit transactions. US President Joe Biden himself said, “The United States will bring together 30 countries to accelerate our cooperation in combating cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically.”



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