“The time has come to equalize the standards of the ecosystem of digital assets and the rest of the financial system,” — said in an interview with Bloomberg mark Carney (Mark Carney), Governor of the Bank of England (BOE) and head of the financial stability Board. The position of the Bank due to confidence in the financial institution of the beneficial impact of legislative regulation on the market.
Despite the high volatility of cryptocurrencies, Carney is confident that the partial state supervision over digital assets, “will strengthen the prevention of illegal activities and the integrity of the market, and will ensure the security and stability of the financial system.” In addition, the inclusion of cryptocurrencies into the existing model of financial relations will improve banking services by increasing the speed of service.
For companies that work with cryptocurrency, such measures take account of the external support and validation on competitiveness. According to Carney, the “best” crypto-currencies will be available on all exchanges, legally employed, and “weak” go to the periphery of the market. However, these changes, as the banker noted, it makes sense to implement in the future, because now the digital assets are not able to fully function as real money.
Carney also supported the initiative of the Commission on securities and exchange Commission (SEC) to equate cryptocurrency securities legally regulated production and exchange. The proposal reflects the General trend of the Federal and regional authorities of the United States to strengthen the control of the ICO. The Commission sent subpoenas to dozens of companies, implementing thus the collection of funds; in turn, the Texas securities Commission has already issued several emergency orders to cease and desist from the beginning of 2018.
We will remind that earlier the Bank of England was planned, but refused to release its own cryptocurrency. The token has planned to “bind” to the£, but the Bank stopped the development of a national digital currency in connection with fears that this would harm the financial system.