• Andrew Bailey, Governor of the Bank of England, said crypto is the new “front line” in criminal scams.
  • He said crypto could be used in ransom payments.
  • The central bank chief encouraged firms to work with them to fight scams.

Andrew Bailey, the Governor of the Bank of England (BOE), shared his insights about cryptocurrency at a “Stop Scams” conference organized by the central bank on Monday.

The Bank of England’s governor has warned everyone that crypto could produce an “opportunity for the downright criminal.” He said cryptocurrencies are the new “front line” in criminal scams.

Bailey described in a statement:

“You only have to ask the question ‘What do people committing ransom attacks usually demand payment in?’ The answer is crypto.”

Bailey encouraged banks, tech companies, and government institutions to collaborate with the BOE to address scams. However, he acknowledged it as a job that “will never be done.”

In addition, Bailey blamed some crypto users for disregarding sanctions imposed on Russia after its invasion of Ukraine. “Some crypto enthusiasts say they shouldn’t be covered by Russian sanctions because that’s not their world. I’m sorry, it is your world. We’re all in the same world,” he stated.

The UK’s economic secretary to the Treasury John Glen said:

“We think that by making this country a hospitable place for crypto we can attract investment … generate swathes of new jobs … and create a wave of ground-breaking new products and services.”

Earlier this week, the British government disclosed a comprehensive plan to make the UK a global crypto tech hub. The measures they indicated in this plan wanted to “ensure firms can invest, innovate and scale up in this country.”

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