Bank of England Governor Says Cryptocurrency Transactions Shouldn't Be Anonymous

Bank of England Governor Mark Carney said cryptocurrency transactions are often used for illegal actions  
01 February 2018   507

According to the Bank of England Governor Mark Carney cryptocurrency is usually used for illegal actions. In his opinion, the use of different cryptocurrencies is mostly illegal, for example, it is often used in money laundering schemes. He believes that it is very important to introduce more transparency into cryptocurrency transactions.

Mark Carney pointed out that he spoke about the concern of international regulators about the use of cryptocurrencies. He expects this topic to be on the agenda at upcoming G20 meetings.

As Bank of England Governor states there are a lot of opportunities for cryptocurrency, for example, it can be integrated into the formal financial system. That is why it is very important to face some decisions about what we should expect from cryptocurrencies in future.

Although Carney did not mention Bank of England’s plans, The Bank of England has been researching cryptocurrencies in order to create its own digital currency. The new currency would be linked to the value of sterling and would allow people to keep their money in the central bank itself, cutting out the need for a retail bank.

In order to increase the country’s GDP, the central bank would have to issue enough digital currency units to equal 30 percent of the current GDP against government bonds. This will allow increasing GDP by about 3%.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   77

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.