Highlighting a $2 trillion depletion in the total crypto asset market capitalization, the Bank of England (BOE) emphasized the need for stricter laws and regulations of the digital assets environment.
The Bank of England Financial Policy Committee expressed that the volatility of prices linked to digital assets in recent months boosts vulnerabilities connected to the crypto market, as highlighted by Bloomberg.
The market capitalization of digital assets currently holds its position at around $1 trillion. It was nearly a peak of $3 trillion in November of last year.
Last month, Agustin Carstens, CEO of the Bank for International Settlements (BIS), highlighted that the bitcoin market weak points registered earlier are now happening, including liquidity mismatches.
Regarding the cryptocurrency market and its constant fall, the British Central Bank expressed that this situation highlights the requirement for better law enforcement and regulatory frameworks to handle the developments in these evolving markets.
The UK Faces Uncertain Moments Due to the Resignation of the Prime Minister
Regarding the situation in the UK, Prime Minister Boris Johnson leaves his position in UK politics by saying he regrets not being able to continue leading these projects. He also expressed that the Conservative Party would find another leader to work for the country.
Johnson would continue as prime minister until the fall, once his successor gets decided by the party conference in October. He expressed that he wishes him all the best.
During his speech, Johnson expressed that he was sad about the resignation while he thanked the British citizens for giving him the privilege to lead the country’s interests.
Johnson assumed the most prominent position in the British Government as the representative of the Conservative Party on July 19. It also did so after the resignation of the then Prime Minister, a conservative Theresa May.
Early in the morning, the news highlighting that Johnson resigned appeared in a conversation with the leader of the conservative deputies without portfolio, Graham Brady. More than 50 Johnson administration representatives have also abandoned their positions.
The UK and its Relationship with Digital Assets
In April, The British Ministry of Economy revealed strategies to formalize some stable cryptocurrencies as a means of payment in the United Kingdom within a package of procedures to make the European nation a worldwide center for investment and development of technologies connected to digital currencies.
The British Government described stable currencies as digital assets whose value connects directly to traditional currencies such as the US dollar, offering effective payment procedures and expansive options for consumers.
By: Jenson Nuñez
