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Highlights
- Bank of England Governor Bailey has said he is sceptical about digital assets
- Australian Senator Andrew Bailey slams banks for “anti-competitive behaviour
- Helium, has experienced an impressive rally on the last seven days, rising over sixty percent
Bank of England Governor Scathes Crypto Again
Bank of England Governor Andrew Bailey has warned that cryptocurrency is providing another channel for criminals to pay for illegal activities.
The comments mark the second time Bailey has criticised digital assets. In May, Bailey said he was sceptical about digital assets due to their dangerous nature combined with people's enthusiasm for them.
Bailey also added that digital assets have no intrinsic value, a sentiment that has been echoed by financial analysts and even governments around the world.
Earlier this year, the Chinese government tightened regulations surrounding crypto, saying one of the primary reasons was the lack of intrinsic value found in crypto and its tendency to attract criminals.
Additionally, in May, president of the European Central Bank (ECB), Christine Lagarde, said digital currencies were prone to money laundering.
U.S. Treasury Secretary Janet Yellen has also talked about crypto being used in illegal financing multiple times this year. In February, she talked about the importance of crypto regulation to ensure cryptocurrencies are not used in illicit transactions.
Bitcoin’s value has recovered slightly in the past 24 hours after a steep drop off yesterday, seeing it lose over four thousand dollars.
It is currently valued at US$65,145.
Senator Bragg Slams Aussie Banks
Australian Senator, Andrew Bragg has commented in the practice of debanking, calling it “anti-competitive” behaviour.
Senator Bragg told the Tech Council of Australia yesterday that Australian banks have been disguising anti competitive behaviour as regulatory compliance when debanking – a process whereby banks ban a customer.
Australian banks incurred criticism in September for their debanking of crypto customers, some of whom have been banned from multiple banks and left unable to conduct business.
The banks have said debanking crypto customers is a way to avoid getting involved in any criminal activity they believe crypto attracts.
Senator Bragg, who is leading an inquiry into recommendations for cryptocurrency regulation in Australia, said that Australian banks engaged in the practice of debanking purely to protect their own market position.
The inquest is set to finish later next year.
Altcoin News
Less known altcoin, Helium, has experienced an impressive rally in the last seven days jumping from US$29.74 to US$48.95 – a rise of over sixty percent.
Helium’s ambition is to build a fully decentralised and global wireless network powered by open-source technology.
The platform allows people and organisations to operate WiFi hotspots and earn HNT as a reward for powering the network.
Helium is now the 43rd-largest crypto asset on the market, with a US$5 billion market cap. Source
Winners and Losers
Image Source @ 2021 Kalkine Media
Source: Coinmarketcap.com, based on top 100 cryptos.
