10/14/2021- 7:04 a.m.
Crypto Crash “Plausible:” Currencies need RULES & REGULATIONS – Bank of England Boss
The fast-growing crypto sector needs rules as a “matter of urgency” says BoE Deputy Gov. Jon Cunliffe.
Crypto assets have grown 200% in 2021, from just shy of $800 billion to $2.3 TRILLION, with 95% of them unbacked by any asset or fiat currency, Cunliffe continued.
“You don’t have to account for a large proportion of the financial sector to trigger financial stability problems – sub-prime was valued at around $1.2 trillion in 2008,” he continued, referring to a corner of the US mortgage market’s collapse which led to a global banking crisis.
