Crypto assets are helping illegal activity, BoE’s Bailey says

FILE PHOTO: Bank of England press conference
FILE PHOTO: Bank of England Governor Andrew Bailey in London, Britain February 25, 2019. Kirsty O'Connor/Pool via REUTERS/File Photo

November 8, 2021

LONDON (Reuters) – Bank of England Governor Andrew Bailey said on Monday that the rise of crypto assets was helping illegal activity.

“I’m afraid that the advent of digital means of payment, and in particular crypto assets, I’m afraid that the evidence suggests, and we see this, is that it is providing another means of payment for people who want to conduct criminal activity,” Bailey said during an online question-and-answer session organised by the BoE.

(Writing by William Schomberg; editing by Michael Holden)