Bank of England Governor warns that crypto is used by criminals

Recently, the Bank of England Governor Andrew Bailey warned that crypto is used for criminals’ payment methods. He doesn’t see any good in this new technology and rules it out entirely because of the few criminal activities we heard that involve crypto. Even data shows that cash is much more used by criminals than crypto just because it’s much less traceable. Well, Andrew shared his point of view on the same, so nonetheless, let’s take a deeper look.

Bank of England Governor on crypto

In a recent online question-and-answer session organized by the British central bank, Andrew Bailey said that he thinks crypto is helping in the rise of illegal activities.  I don’t know what evidence he had as he didn’t share. Still, Andrew also added, “The advent of digital means of payment, and in particular crypto assets, I’m afraid that the evidence suggests … that it is providing another means of payment for people who want to conduct criminal activity.” He also said because of the vast enthusiasm out there, it has become even more dangerous.

Bank of England Governor warns that crypto is used by criminals
Bank of England, Governor

Andrew also brought up the old debate that does crypto have intrinsic value? And according to him, it doesn’t. In his regard, it means that internally it doesn’t have anything, but the people do provide it a value which gives it extrinsic value. He also added that in case you are one of the people who put a value on crypto, be ready to lose all your money.

The clear view

If you read a lot of news articles regarding crypto, then you will know there are two sides to this. We have supporters who think it’s the future, and then we have the ones that think crypto is no good. If you take a deeper look, the ones complaining about crypto being a fraud, for criminals and what not is mostly the higher authorities. Bank governors and presidents of almost all major nations have cited their concern for crypto.

What are your thoughts on the Bank of England Governor saying that crypto is a payment method for criminals? And do you also think that it doesn’t have any intrinsic value? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.

Also Read: Coinbase shares fall as the company sees a 75% drop in profits