Bank of England Governor Says Crypto Creates Opportunity for the Downright Criminal

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Bank of England Governor Says Crypto Creates Opportunity for the Downright Criminal – Andrew Bailey, the governor of the Bank of England, has cautioned that cryptocurrency presents an “opportunity for the downright criminal.” “You merely have to ask the question ‘What do people who commit ransom attacks normally demand payment in?'” the central bank chief explained. Crypto is the answer.”

Governor Andrew Bailey of the Bank of England (BOE) spoke about cryptocurrency on Monday at the central bank’s “Stop Scams” conference.

Cryptocurrencies, according to Bailey, are the new front line in criminal frauds, with crypto creating an opportunity for the genuinely criminal.

Also Read: Tracker Shows Close to 3000 Crypto ATMs Were Installed in 2022’s First Quarter

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He explained:

Simply ask yourself, “What do people who commit ransom attacks normally demand payment in?” Cryptocurrency is the answer.

Bailey asked tech companies, banks, and government agencies to collaborate with the Bank of England to combat criminal fraud, which he said is a “never-ending” task.

Bank of England Governor Says Crypto Creates Opportunity for the Downright Criminal – The head of the central bank also accused certain cryptocurrency users of breaking sanctions imposed on Russia following its invasion of Ukraine. He declared:

“Some crypto enthusiasts believe that because they do not live in Russia, Russian sanctions should not be applicable to them. Sorry, but this is your world. We’re all in the same world.”

Meanwhile, the British government revealed a thorough plan to establish the United Kingdom as a worldwide crypto powerhouse earlier this week.

Also Read: US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool

“We believe that by making our country more crypto-friendly, we can attract investment and create swaths of new jobs and unleash a flood of ground-breaking new products and services,” said John Glen, the Treasury’s economic secretary.

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