20 Mar 2023

Should cryptocurrencies be regulated?

From Nine To Noon, 9:35 am on 20 March 2023
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Calls for cryptocurrencies to be regulated have gained new urgency following last week's collapse of the major tech bank, Silicon Valley Bank.

The International Monetary Fund and the G20 have raised the prospect of regulating the crypto industry, although an outright ban has not been ruled out.

The IMF says regulation is now a priority for authorities, particularly after the collapse of a number of crypto exchanges and assets in recent years.

The G20 is also pushing for a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin.

The collapse of Silicon Valley Bank has renewed focus on the impact cryptocurrencies can have on the banking sector, with the IMF reiterating its earlier warnings about the risks of banks losing deposits and curtailing lending.

Kathryn speaks to Campbell Pentney, special counsel at Bell Gully who has a particular interest in blockchain, cryptocurrency and the future of money.