THELOGICALINDIAN - The United Kingdom is accessible to absolution the hounds on the cryptocurrency bazaar with a assignment force set to investigate both the allowances and the risks of agenda currencies
Britain’s administration of finance, the Treasury, apparent its assignment force readied to counterbalance the pros and cons of cryptocurrencies.
The United Kingdom’s absorption in investigating cryptocurrency stems from the admiration to not abatement abaft their geopolitical and bread-and-butter rivals. UK Finance Minister Philip Hammond stated:
However, the no-longer-interested-in-being-European country hasn’t been decidedly pro-cryptocurrency, and that’s not acceptable to change. Rather, it’s acceptable added absorbed in co-opting blockchain technology for its own acceptable banking institutions. Said Hammond:
The assignment force includes the Bank of England and the Financial Conduct Authority — neither of which has apparent abutment to Bitcoin and cryptocurrencies in the past. Earlier this month, Bank of England Governor Mark Carney — who has a continued history of anti-cryptocurrency address — stated:
Whether the assignment force’s abstracts bout Carney’s affect charcoal to be seen.
Britain’s new cryptocurrency assignment force is but one allotment of the absolute state’s banking technology strategy, which additionally includes penning a accord with Australia. The two countries’ “fintech bridge” will allow British firms the adeptness to advertise their articles and casework in Australia, while both countries assignment calm on crafting behavior and adjustment on agenda currencies, blockchain technology, and fintech.
After signing the deal, Britain’s Innovate Finance and Australia’s Fintech Australia will admonish the governments of both countries in affairs apropos to banking technology. Innovate Finance’s Charlotte Croswell claimed the “fintech bridge” is an “excellent opportunity” for both countries.
What do you anticipate of the UK’s new cryptocurrency assignment force? Do you apprehend added FUD, or conceivably a little bit of FOMO? Let us apperceive in the comments below!
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