UK Central Bank to Clamp Down on Crypto Money Laundering123.38

The head of the U.K.'s central bank has said that the institution will step up its efforts to combat the use of cryptocurrencies in illegal financial activities. During a speech at the Scottish Economics Conference in Edinburgh on Friday, Mark Carney, governor of Bank of England, said he thinks more rigorous regulations should be applied to exchanges in an effort to curb illicit use of cryptocurrencies in financial crimes, such as money laundering and terrorism financing. Further, the central bank chief said he doesn't believe cryptocurrencies currently pose significant risks to the existing financial system. The central bank chief added that he is not against the innovation provided by cryptocurrencies and argued that regulation would be of benefit to the industry, as well as consumers.
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