Regulators must extend existing processes to crypto, BoE's Jon Cunliffe says

If done properly regulatory frameworks can help innovation, by reducing the risks of 'confidence-destroying crashes,' he said on Wednesday.

The deputy governor also spoke about the benefits of crypto technology in trade settlement.

If done properly regulatory frameworks can help innovation, by reducing the risks of"confidence-destroying crashes," he added, in a speech given at the AFME Conference. The possibilities for disruption of the current post-trade landscape might come from innovative approaches and technologies that have been developed for the trading, clearing and settlement of cryptocurrencies, Cunliffe noted.

Cunliffe also spoke about smart contract technology, and the ability of crypto exchanges to collapse a large number of activities into a smart contract. These activities, he said, would be split across custody banks, exchanges, central counterparties and central securities depositories, in traditional markets.

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