Bailey asks banks to be careful when dealing with cryptocurrencies

Bank of England Governor Andrew Bailey warned banks and other regulated financial firms today that they should be particularly careful about holding volatile crypto assets.

After a meeting of the Bank of England's Financial Policy Committee, Bailey added that future rules for crypto assets will balance risk management with the need to support innovation and competition. "It is the view of the Federal Trade Commission that financial institutions should take a particularly prudent and prudent approach to any approval of these assets until such a regime is in place," Bailey said.