In an exclusive interview with Sky News, Sir Jon Cunliffe says investors and the financial system need protection from the 'casino' of crypto trading. Read the full story:
The episode is a huge blow to the credibility of cryptocurrencies, digital assets that draw their value not from state backing, but from relative scarcity and the willingness of other investors to trade in them.Mr Bankman-Fried had cultivated links in Washington and on Wall Street, making millions of dollars in political donations and attracting high-profile investors to his platform.
"What we saw in FTX… is a number of activities which in the regulated financial sector, would have had certain protections. We saw things like clients' money appears to have gone missing, conflicts of interest between different operations, transparency, audit and accounting. All of the perhaps boring things that happened in the normal financial sector, didn't really happen in that set of activities. And as a result, I think a lot of people have lost a lot of money.
The Bank also has to address the risk to financial stability that could flow from digital assets as institutional investors and banks explore exposure to an estimated $1trn in crypto assets. The system is maintained and overseen by every computer linked to the network rather than a central monitoring entity.
"There are technologies here which could, and I stress could, be of real use in the normal financial system, more efficient ways of doing things, potentially more resilient ways of doing things," said Sir Jon.
Belgique Dernières Nouvelles, Belgique Actualités
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