Chairman of the Bank of England: "Crypto money is not a risk." Bank of England President Mark Carney talked about the crypto money industry talk at the Public Policy Forum in Toronto Canada Development Summit. Mark Carney said crypto money did not pose any threat in the present case, despite the fact that the crypto money was illegal in very serious amounts.

Head of the Bank of England: "Crypto money is still small and not connected to the financial system."

Mark Carney made a positive statement about the crypto money at the G20 summit in Argentina this year. Mark Carney stresses that cryptographic money does not pose any risk for the economic system at this time. According to the Governor of the Central Bank, the reason why crypto money is not risky for the financial system is still small and should not depend on the financial system.

Mark Carney says crypto-banking is not a risk now, but it also emphasizes the huge amount of illegal transactions that take place over these currencies. One of the UK's official agencies says exactly the opposite of Mark Carney's view. The UK Treasury published a report in 2017 under the name Risk Assessment of National Money Laundering and Terrorism Financing. In other words, the following statements regarding the topic are included:

The National Crime Agency (NCA) considers the risk of using the digital money for money laundering to be partly low.

Head of the Bank of England: "Crypto money stocks are vulnerable to cyber attacks and theft."

Mark Carney also insists that crypto-currency systems must go through heavier and more serious regulations, and adds:

There are stock exchanges that have not been arranged so you can convert your Canadian dollar into a cryptocurrency. Because these stock exchanges are not regulated, in some cases serious abuses can occur and they are vulnerable to cyber attacks and theft. In addition, these exchanges are unable to comply with the required standards. There is no reason for them to be conceded.

In addition to crypto money and stock exchanges traded, the institutional arrangements required to place both of them in specific legal frameworks can be made in the best possible way.

Crypto must be regulated in the money industry and it has to be now

In spite of the comments above, Mark Carney shows that even if he is a part of the financial system, he brings tremendous privileges, but these privileges bring great responsibilities and even show an action film-like result.

According to Mark Carney, the cryptography must be regulated in the money industry and it has to be now. Crypto money is attracting interest and demand all over the world. This requires a timely and responsible regulatory reaction. The terms must be defined, the frames must be fulfilled in order for people to be clear about what is legal and what is not. At the same time, thanks to such arrangements, the wrong projects in the cryptographic sector can be eliminated.