Bank of England supports cryptocurrency regulation

Bank of England Vice President Sam Woods has said the UK will be the first country to maintain its global authority over financial and crypto currencies. This will prevent the Bank of England from borrowing large sums of money on crypto assets without sufficient capital. The financial services company will adhere to the Basel Commission's financial support policy for crypto assets in advance.

Banks in England as global encryption.

The policy submitted by Sam Woods is a policy proposed by the Basel Banking Supervisory Board. The Commission recently started developing regulations that could become a model for big banks around the world. For more information on blockchain, download the WikiBit app, the global blockchain monitoring app. Under these rules, large banks that hold crypto assets need sufficient capital compared to cryptocurrencies. These rules also include disciplinary fees, which can prevent borrowers from participating in cryptocurrency sites. The president called the rules "very smart" and said the bank is not big enough for cryptocurrencies.

Some banks have differences in crypto regulations.

“We don't want to leave the company doing something that will lead to a successful business, but we will carefully monitor how we maintain our investment. If necessary, we will. However, Vice President Sam Woods said that "He agreed with the Basel accord, but that some banks had different views. The World Bank sent a letter to the protest group titled" Global Financial Crisis ".