UK Plans Heavy Measures To Regulate Cryptocurrencies
UK Prime Minister, Theresa May is taking a look at making some serious move on bitcoin among different cryptocurrencies. This has been because of the rising concern with respect to the utilization of digital money by villains.
May conjectures bitcoin’s utilization in criminal activities
With the rising vulnerability in the cryptocurrency market and the world being separated over digital money, one can’t foresee what new will happen. Presently Britain is wanting to make a genuine stride towards cryptocurrencies. As indicated by Prime Minister Theresa May, with the way cryptocurrency, for example, bitcoins are being utilized by crooks, Britain needs to investigate them.
In an interview in Davos, May told the Bloomberg’s editor in chief John Micklethwait:
“Cryptocurrencies like Bitcoin, we should be looking at these very seriously, precisely because of the way that they can be used, particularly by criminals.”
The UK Prime Minister May has guaranteed to consider a clip down on the bitcoin. The essential purpose behind this move is the raised concern with respect to the utilization of digital money in nefarious activities.
Bitcoin among other digital currencies can be utilized to purchase about anything, from some espresso to medications and arms. That is the reason it is something that can possibly change the whole worldwide financial system.
In spite of the fact that the costs of bitcoin took off in 2017, there had been discussions to put regulations on this digital money. Bitcoin is as of now confronting some extreme regulatory measures in nations like China, South Korea and so on.
As indicated by May, there has been a surge in the utilization of bitcoin that is “increasingly developing “. In the similar regard, she expressed on Thursday:
“I think it’s something that we do need to look at.”
A year ago, the Financial Conduct Authority which is the British regulator issued a notice to the investors with respect to venturing into the CFDs that is Cryptocurrency Contracts for Differences. These computerized based CFDs are essentially viewed as high-risk investments by the office.
In an announcement released by the agency in mid-November they elucidated:
“Cryptocurrency CFDs are an extremely high-risk, speculative investment. You should be aware of the risks involved and fully consider whether investing in cryptocurrency CFDs is appropriate for you.”
FCA issued this notice because of a few risks of CFD to investors that incorporate leverage, price transparency, price volatility, funding costs, and charges.
With regards to the capability of the nations having a place with European Union, Britain as of now has a main edge in the artificial intelligence development area. Nevertheless, May wants that when UK leaves the EU, UK has the surge of technology companies that need to set up their business here, as apparent by her statement:
“We are already an attractive place for businesses to come and set up.”
Presently, we would need to sit tight for the regulations UK plans for the cryptocurrencies. Will it take backing from other European Union nations moreover?
