London has not yet opened its doors to cryptocurrencies. As more and more financial markets are going crypto, experts wonder if London’s decision is wise of foolish.
Mark Yallop believes the cryptocurrency market is not big enough to make a difference yet. The chairman of the FICC Market Standards Board thinks London is still maintaining a “wait and watch” strategy for cryptocurrencies.
London’s daily turn out is $5 trillion that makes it the leader in the forefront exchange market worldwide. Other financial centers like Tokyo has regulated crypto exchanges. In the United States, cryptocurrencies like Bitcoin, Ethereum and Ripple are quite a craze. New York held a crypto conference recently that had around 8,000 delegates attending the event.
However, there are strong debates around the world over the regularization of cryptocurrency. Many fear that cryptocurrencies will be heavily used for money laundering. There are people who do not want to consider cryptocurrencies as a reliable financial tool because of the nature of volatility associated with it.
On the other hand, crypto advocates argue that digital assets will liberate people from regulators and financial institutions. Meanwhile, Yallop’s comment indicates what some of the industry bodies feel about cryptocurrencies.
“Their overall size, even in aggregate, is so small that they are too small to really be of relevance in wholesale markets,” the Financial Times quoted him as saying.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]