News

UK To Research Crypto Assets Risk In The Future, Finance Minister Says

The UK government is going to research the possible risks that cryptocurrencies like Bitcoin pose to the future of the fintech industry. This was declared by John Glen, finance minister of the said state, on the eve of the British Fintech Conference according to Reuters.
The great growth in quantity and relevance of the cryptomarket has governments worried about the feasibility of these as investment options and its use as alternative currencies. When asked about the role and the considerations that the UK will have about cryptocurrencies, he stated:

 In our upcoming fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail”

The UK is one of the largest financial tech hubs in the world, and it has remained somewhat on the fence when it comes to regulating trade and cryptocurrency market. This has contributed to the boom of the sector in the country. Nonetheless, some regulation is good to have clear rules; and it is expected that some light touch rules would be established in the near future.
Everyone is expecting new developments about regulation these days, more with the upcoming meeting of the finance sector of the G20 in Argentina. But they have sent contradicting signals. Some reports state that the G20 is effectively backing down on crypto-regulation, based on declarations of Marc Carney, head of the Financial Stability Board; but other reports affirm that cryptos would be classified as assets by the group, a thing that is backed by a draft of a document to be signed at the upcoming meeting.
Being Marc Carney the governor of the Bank of London, and head of the Financial Stability Board we should expect some action going along with his recent declarations. The UK is drafting his own regulations independently of the European Union, because of the Brexit.
 

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…