Bank of England (BoE) Deputy Managing Director worries about rising status of crypto assets

The crypto world has come under attack again, but this is not a new voice for the crypto community. In particular, the Deputy Chief Financial Officer of the Bank of England, Sir John Kunleaf, has warned the public of the potential drop in cryptocurrency prices. These crypto assets include stable cryptocurrencies such as Bitcoin, Ethereum, and other trading altcoins.

Sir Jon Cunliff explains:

"We need to redouble our efforts to ensure we have a centralized risk management approach when crypto assets become a bigger issue."

He added that he was concerned about the risks crypto assets could develop if they were to enter the financial services industry in the traditional way. “One of the things that people worry about is that when integrating into the financial industry, significant cost adjustments can affect other businesses and affect those involved in the existing financial industry.

Meanwhile, US politicians are also talking about their role in the rise of the cryptocurrency market. U.S. Senator Elizabeth Warren explained on Twitter that cryptocurrencies could hurt consumers and businesses.

“Stablecoins pose a risk to consumers and our industry. They support DeFi, one of the darkest in the crypto world. Consumers are the least protected. And easily scammed. Our administration has taken action before let it be too late. "

Author: JC Francis Enriquez | Compiler: Maya | Source: coinquora