Barclays Want UK Government to Regulate Bitcoin

Barclays Want UK Government to Regulate Bitcoin

THELOGICALINDIAN - In a contempo account with CNBC Barclays CEO Ashok Vaswani appear that the coffer has been in communications with Britains Financial Conduct Authority FCA to altercate means in which to cautiously adapt bitcoin

Also Read: UK Regulator Warns Investors Bitcoin Trading is Risk

“I’ve Actually Gone… to the FCA, to Talk About How We Could Bring… Cryptocurrencies Into Play”, Ashok Vaswani Told CNBC.

It has been appear that Barclays has been affianced in alive chat with UK regulators about bringing bitcoin “into play” aural the UK fintech industry. Barclay CEO, Ashok Vaswani, told CNBC that Barclays ahead has met with the Financial Conduct Authority (FCA), Britain’s arch authoritative babysitter administering the fintech industry, to altercate basic bill regulations.

Although the altercation began accurately on the affair of blockchain technology, the account anon angry to bitcoin and added cryptocurrencies. “I’ve absolutely gone… to the FCA, to allocution about how we could bring… cryptocurrencies into play”, Ashok Vaswani told CNBC.

Despite Barclays’ axiomatic absorption in the cryptocurrency markets and economy, the CEO appears to appearance basic currencies with alert optimism. “Obviously [it’s] a new area, an amphitheatre we’ve got to be accurate with. We are alive our way through it.”

Advocating for a Permissive Regulatory Apparatus for the Cryptocurrency Markets

The controlling administrator of action for the FCA, Chris Woolard, has afresh iterated that businesses and institutions charge accept a alert access back ambidextrous with cryptocurrency but additionally fatigued that FCA has not taken a prohibitory attitude with commendations to bitcoin and blockchain technology. “We don’t prohibit adapted firms from agreeable in agenda bill trading, nor do we prohibit banks from alms cyberbanking casework to accord with bill firms that use [blockchain]. I am not adage that we appearance agenda currencies as an inherently bad thing… but we do accept to exercise a amount of caution.”

Outside of announcement Barclays’ affairs with the FCA, Ashok Vaswani gave little addition on approaching affairs the coffer may accept for added assurance aural the cryptocurrency space. Barclays partnered with amusing payments app Circle aftermost year, which facilitates the manual of funds via agent app and appearance abutment for bitcoin transactions.

Barclays Want UK Government to Regulate Bitcoin

Barclays is amid a growing cardinal of ample banking institutions who are advocating for a acquiescent authoritative accoutrement for the cryptocurrency markets. Despite burden from the fintech industry, abounding commentators are admiration that it will booty governments years to advance a absolute acknowledged framework advised for the different challenges and opportunities that bitcoin and added basic currencies present.

Do you anticipate that above banks assuming an absorption in bitcoin is absolute for the network, or do you anticipate that greater captivation in cryptocurrency by above banking institutions undermines the amount ethics of bitcoin? Share your thoughts in the comments area below!

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