Ever since the advent of cryptocurrencies, the industry has been gaining ground in almost every region of the world. Many countries have already accepted cryptocurrencies for as they are, as they find cryptocurrencies to be the last resort for bossing their country.
Then there are countries such as England that are constantly intimating their locals about the risks involved in cryptocurrencies. Although England wants to get rid of cryptocurrencies from the country, the officials are bound by the interest of the public.
Despite several restrictions being imposed in the English cryptocurrency industry, the people of England still continue to trade and invest in cryptocurrencies in the masses. Therefore, the regulators in England have no choice but to sit back and watch the locals invest in cryptocurrencies.
However, the regulators in England continue doing what is in their power and control. The regulators in England continue reminding the public about the risks and potential losses of investing in cryptocurrencies.
This is not something they do on an annual basis but every two or three months. This time, the Bank of England has gone ahead and issued a warning for their locals investing in cryptocurrencies.
According to the reports, the governor of the BOE, Andrew Bailey has issued a notice for the citizens of England. In the notice, he has asked the locals to stay cautious and vigilant when dealing with cryptocurrencies.
Bailey stated that investing in cryptocurrency markets is full of dangers and one must avoid investing in the industry at any cost. Bailey also stated the same during a conference on Thursday, May 6, where he again reminded people of the risks in cryptocurrencies.
Similar to other regulatory entities in England, Andrew Bailey had the same remarks to pass on the cryptocurrencies. He argued that cryptocurrencies are the most volatile entities in the entire online trading industry.
As per Bailey, every online trading sector/asset has physical existence or has value against an existing entity. However, the cryptocurrency industry has no physical existence or entity, which it can be valued against.
This makes cryptocurrencies an asset, which is full of risks, and they can vanish from the markets instantly, costing more than 2 trillion in losses.
Bailey is one of the personalities in England, who have strongly opposed the idea of cryptocurrencies. This is not the first time he has talked about the nature of cryptocurrencies and what he thinks about them.
For him, no matter how big and pricy the cryptocurrencies may become, they would still be an asset without physical existence. In the end, he said that same thing as other regulatory authorities have intimated to the locals.
He stated that people who are willing to lose all their life savings in the process are more than welcome to continue trading in cryptocurrencies.