Bank of England says instantaneous trading and settlement too challenging

LONDON (Reuters) - Using technology which underpins cryptoassets to offer instantaneous trading and settlement across financial markets is not desirable given the challenges it would pose, Bank of England Deputy Governor Jon Cunliffe said on Wednesday.

"There is simply no time to identify or rectify errors before they are actioned. In short we may not want wholly instantaneous trading and settlement in all markets," Cunliffe told a conference held by financial industry body AFME.

(Reporting by Huw Jones; Editing by Alison Williams)