A crypto collapse is ‘plausible’ and regulation of the market is urgently needed, Bank of England’s deputy governor says

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A crypto collapse is ‘plausible’ and regulation of the market is urgently needed, Bank of England’s deputy governor says

A crash in the cryptocurrency market is "plausible" and regulatory clarity is urgently needed, Bank of England Deputy Governor Jon Cunliffe said on Wednesday. "Such a collapse is certainly a plausible scenario, given the lack of intrinsic value and consequent price volatility, the probability of contagion between cryptoassets, the cyber and operational vulnerabilities, and of course, the power of herd behavior," he said during a . As the market capitalization of digital assets balloons to more than $2 trillion this year, the nascent space remains highly unregulated as authorities globally bring their heads together on how best to increase oversight. The International Monetary Fund in its published Tuesday also , including fraud, excess speculation, and potential "runs" on seemingly more stable assets. Meanwhile, China imposed an almost blanket ban by in September. For his part, Cunliffe compared the digital asset space to the US mortgage market that dragged the global economy to the brink of collapse, pointing out the sub-prime market was valued at around $1.2 trillion in 2008. He also zeroed in on decentralized finance, or DeFi, saying England's central bank has begun working on managing risks and protecting consumers. DeFi is an for various applications - lending, borrowing,

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