LONDON (Reuters) – A candidate for the Financial institution of England’s supervisory arm for banks defended on Wednesday his senior position on a bitcoin buying and selling platform, saying it took safeguards towards money-laundering very severely.
Antony Jenkins informed parliament’s Treasury Choose Committee that being on the board of Blockchain is a major accountability.
The previous CEO of Barclays was being grilled by lawmakers about his candidacy for the Prudential Regulation Committee on the BoE, whose governor Andrew Bailey has stated bitcoin has little intrinsic worth.
A lawmaker requested Jenkins whether or not it was acceptable that Blockchain was hyping up “speculative and excessive danger” crypto-assets to the “world and his spouse” on Twitter.
Blockchain marketed on Twitter this week, “Present of palms: Are you shopping for the dip?”
Bitcoin rocketed to a report excessive of $42,000 final Friday, and has since eased, buying and selling round $34,830 on Wednesday.
Jenkins stated that in some ways crypto-assets are extremely speculative however they’re additionally half of a bigger ecosystem round distributed ledger expertise that can be essential for finance going ahead.
“We have now very vital controls over who we do enterprise with,” Jenkins stated of Blockchain.
Earlier this week, the Monetary Conduct Authority, whose CEO Nikhil Rathi sits on the PRC, warned shoppers of the dangers from investments promoting excessive returns primarily based on crypto-assets.
Lawmakers questioned whether or not Jenkins would have sufficient time for the BoE given he listed six different commitments. He stated he expects to relinquish a few of them to unlock time.
In 2012, Barclays was the primary financial institution to be fined for attempting to rig the Libor rate of interest benchmark.
Jenkins, who joined Barclaycard in 2006 and have become CEO of Barclays from 2012 to 2015, was requested if he felt any private accountability for the Libor scandal.
“I’ve truly spent most of time at Barclays both shutting issues down or tidying up issues of the previous, versus being concerned in driving issues ahead in an inappropriate method,” Jenkins stated.
Reporting by Huw Jones; Enhancing by Andrew Cawthorne