The City watchdog has sounded the alarm over crypto-currencies just a day after the Bank of England announced plans to create a digital coin.
Financial Conduct Authority chief Nikhil Rathi told investors – particularly the young – to avoid the crypto craze amid the soaring popularity of the likes of bitcoin.
In a speech at UK FinTech Week, he said: We have made clear our concerns about certain investments in crypto-assets.
High risk: Financial Conduct Authority chief Nikhil Rathi told investors – particularly the young – to avoid the crypto craze amid the soaring popularity of the likes of bitcoin Direct investment in crypto-assets are high risk, with few regulatory protections. We have been blunt. If you invest, you should be able to afford to lose it all.
Shearman & Sterling: Remove the straitjacket of statutory rules for UK fintech
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Fintech innovation will be at the heart of London s recovery
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Over the last week I’ve been out in the City actively showing my support for businesses reopening after lockdown, including getting a long overdue haircut.
Local shops, barbers, pubs and restaurants are of course the backbone of places like the Square Mile. But as we look to kickstart a strong, sustainable recovery post-pandemic, what’s also essential is building on the UK’s leadership in technological innovation.
That’s why I’m hugely excited about the start today of UK Fintech Week featuring IFGS 2021. Over the course of five days some of the biggest names in finance, government and tech are taking part in online events to discuss and debate some of the key issues affecting the sector both now and post-COVID.
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Britcoin not bitcoin? UK considers new digital currency Toggle share menu
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FILE PHOTO: A general view shows The Bank of England and the City of London financial district, amid the outbreak of the coronavirus disease (COVID-19), in London, Britain, November 5, 2020. REUTERS/John Sibley
19 Apr 2021 08:10PM Share this content
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LONDON: British finance minister Rishi Sunak told the Bank of England on Monday (Apr 19) to look at the case for a new Britcoin , or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.
A BoE-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the bank and to sidestep others when making payments, upending the lenders role in the financial system.
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