Bitcoin could trigger financial meltdown, warns Bank of England deputy

Sir Jon Cunliffe likens danger to 2008 crash and calls for tough regulation of cryptocurrencies

A senior Bank of England policymaker has warned that digital currencies such as bitcoin could trigger a financial meltdown unless governments step forward with tough regulations.

Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, the deputy governor Sir Jon Cunliffe said there was danger financial markets could be rocked in a few years by an event of similar magnitude.