Cryptocurrencies
BOE’s Andrew Bailey Says Crypto Is the ‘New Front Line’ for Scams
- Job of tackling fraud against consumers ‘will never be done’
- Says some crypto users aren’t cooperating on Russian sanctions
A customer selects a purchase on the screen of an ATM.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Cryptocurrencies are the new “front line” in criminal scams that regulators are trying to prevent, Bank of England Governor Andrew Bailey said.
Speaking at a “Stop Scams” conference organized by the U.K. central bank, Bailey said that the underlying technology of crypto is contributing a good deal of innovation to financial services, but also created an “opportunity for the downright criminal.”