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Bank of England Warns of Crypto Risks

Fast-growing crypto-currency assets could pose a danger to the established financial system, a senior Bank of England official has told the BBC.

Although not much of UK households’ wealth is currently held in assets such as Bitcoin, they are becoming more mainstream. Deputy Bank governor Sir Jon Cunliffe stressed that crypto-currencies had been “growing very fast”, with people such as fund managers wanting to know whether they should hold part of their portfolios in crypto-currencies.

“Their price can vary quite considerably and they could theoretically or practically drop to zero,” he said.