'Cryptocurrency A Threat To The Safety Of Global Payment Systems,' Starling CEO Says

The CEO of Goldman Sachs GS backed digital bank Starling has stepped up her criticism of cryptocurrency, calling it a threat to the security of payment infrastructure, reported CNBC.

“It is very dangerous,” Anne Boden, who established Starling in 2014, cautioned at the Money 20/20 fintech conference in Amsterdam on Tuesday.

“A lot of crypto wallets are being connected directly to payment schemes,” Boden stated. “This is a threat to the safety of our payment schemes around the world.”

Starling, based in the United Kingdom, provides fee-free checking accounts and loans via an app.

Major payment processors are adopting cryptocurrencies; for example, PayPal now allows customers to exchange bitcoin and other cryptocurrencies.

RelatedPayPal Gets A Full Virtual Currency License In Crypto Push

Regulators are concerned that the banking system is getting more intertwined with the unpredictable world of cryptocurrency.

“Customers are being scammed,” the Starling chief said Tuesday. “We’re spending far more of our time protecting customers from the scammers than we are trying to promote crypto.”

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