The Bank of England has issued several warnings regarding cryptocurrency over the years and it is evident that the financial institution does not foresee a bright future for Bitcoin. However, it now appears that the bank is taking offence to people leaving their regular day jobs to pursue opportunities in the cryptocurrency industry.
Cryptocurrency Jobs Pose Concerns
Over the past few months, a lot of people within the UK financial sphere are giving up their well-paying jobs as they are drawn towards cryptocurrencies and the job opportunities they present. Since cryptocurrency companies need employees with financial expertise, a crossover between the two industries is to be expected.
This recent trend has caught the attention of the Bank of England. As such, the financial institution has issued a warning to other banks, insurers, and fund managers outlining their concerns over the cryptocurrency industry. According to the BoE, any firm aligning themselves with Bitcoin service providers is “at risk of tarnishing their reputation”.
One also has to keep in mind how most banks have opposed cryptocurrency for many years now. That situation has only come to change in the past few months and it would appear that the Bank of England is growing increasingly concerned over these new developments.
Whether or not there are any repercussions for banks getting involved in cryptocurrency, remains unclear at this time. After all, there is no active Bitcoin regulation in the United Kingdom or most other European countries to date. Even the number of banks offering services to cryptocurrency firms remains somewhat limited as of now.
The Bank of England has never been open to the concept of cryptocurrency, even though they are actively exploring blockchain technology at this stage. It remains to be seen if these comments will fall on deaf ears, as there is no reason for any financial service provider to take these concerns to heart. Even so, it is possible there will be a further crackdown on cryptocurrency activity for bank customers moving forward.
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