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Jon Cunliffe, deputy governor of the Bank of England’s financial stability division, warned that unless strict industry regulation is introduced, cryptocurrencies could trigger a global financial crisis similar to that of 2008.
Cunliffe compared the growth rate of the crypto market, which in five years saw its value soar from a capitalization of $ 16 billion to a $ 2.3 trillion, to the US subprime mortgage market, which in 2008 had risen to worth $ 1.2 trillion.
“When something in the financial system grows very fast, and grows in a heavily unregulated system, financial stability authorities need to be on the alert,” he said.