BREAKDOWN: No, Bank of England, Crypto Is Not the Same as Subprime Mortgage Debt

CoinDesk Podcast Network

CoinDesk

Tech News, Business News, Daily News, News

4.7 • 698 Ratings

🗓️ 14 October 2021

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Why financial stability discussions should focus on institutions and transparency, not underlying assets. This episode is sponsored by NYDIG. Today on “The Breakdown,” NLW takes a deep dive into a recent speech by Sir Jon Cunliffe, the Bank of England’s Deputy Governor, Financial Stability. The speech was called “Is ‘crypto’ a financial stability risk?” NLW explores the four reasons Cunliffe is concerned about the potential for crypto to grow into a systemic financial risk. He argues that ultimately the focus on digital assets is a distraction from the real problem: opaque institutions in the traditional financial system. - NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: RyanKing999/iStock/Getty Images Plus, modified by CoinDesk. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

Click on a timestamp to play from that location

0:00.0	Audible brings your wildest adventures to life, delivering heart-pounding thrills at the touch
0:05.8	of a button.
0:07.0	Take Richard Osmond's The Thursday Murder Club, where four retirees turned amateur sleuths
0:11.8	solve crimes in the most unexpected ways, brilliantly performed by Leslie Manville.
0:17.1	Ready to unleash your adventure aside, from pulse racing suspense to epic quests, from supernatural
0:22.6	chills to far-off romances, every story comes alive through world-class narration.
0:28.5	Explore exclusive audible originals, chart-topping new releases, and unforgettable bestsellers
0:34.4	that transport you from the very first word, because the next great
0:38.2	adventure is just a listener way. Start your free 30-day trial at audible.com slash
0:43.9	Wondery, UK. That's audible.com slash Wondery UK.
0:49.3	There are reasons to think that the inherent transparency of distributed public ledgers
0:54.0	will be, or at least
0:55.2	could be, a force for increasing, rather than decreasing institutional transparency.
1:00.5	This is something that regulators could lean into if they weren't distracted larping like they
1:04.0	understood the dynamics of crypto volatility. In short, don't blame our digital assets for your
1:09.1	institution's messed up behaviors. If you want to
1:11.9	point the regulatory lens anywhere, it should be around these issues of institutional transparency
1:15.9	and system-wide leverage. Welcome back to The Breakdown with me, NLW. It's a daily podcast on
1:25.0	macro, Bitcoin, and the big picture power shifts remaking our world.
1:30.5	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
1:36.9	What's going on, guys? It is Thursday, October 14th, and today we are talking about recent statements from the Bank of England around crypto
1:46.7	and its similarity to the subprime mortgage crisis.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.