Head of UK Regulator Admits Usefulness of Crypto, Still Warns Against Risks

The head of Financial Conduct Authority (FCA) Andrew Bailey among other issues spoke about technological innovations, like Blockchain and virtual coins

Tue, 11/09/2018 - 14:14

Head of UK Regulator Admits Usefulness of Crypto, Still Warns Against Risks

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On Tuesday, during the annual meeting, the head of Financial Conduct Authority (FCA) Andrew Bailey among other issues spoke about technological innovations, like Blockchain and virtual coins. He admitted that these are two promising industries but urged to keep in mind the risks they may bring along.

He said that the UK regulator will support the aforementioned innovative spheres but it is careful about dangers it may cause to appear.

In March this year, the UK Treasury, FCA and the Central Bank launched a Task Force to thoroughly study the risks that electronic currencies bear.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.