LONDON - Recent moves in unbacked crypto assets highlight the underlying issues with the asset class, Bank of England Governor Andrew Bailey said on Tuesday.

"Both the experience that we've had in recent weeks and also the work that we're doing both domestically and internationally, I think further draws out that there are issues both in the unbacked crypto world and the so called stablecoin," Bailey said.

The BoE has long been sceptical of the crypto sector and last month Bailey told parliament that investors should be prepared to lose all their money.

(Reporting by Andy Bruce and Huw Jones, writing by William James; editing by David Milliken)