UK In Line To Regulate Bitcoin & Other Cryptocurrencies

UK Prime Minister, Theresa May is looking at taking some serious action on bitcoin among other cryptocurrencies. This has been due to the rising concern regarding the use of cryptocurrency by criminals.

May speculates bitcoin’s use in criminal activities

With the rising uncertainty in the cryptocurrency market and the world being divided over cryptocurrencies, one can’t predict what’s new is going to happen. Now Britain is planning to take a serious step towards cryptocurrencies. According to Prime Minister Theresa May, with the way cryptocurrency such as bitcoins are being used by criminals, Britain needs to take a serious look at 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 promised to consider a clamp down on the bitcoin. The primary reason for this move is the raised concern regarding the use of cryptocurrency in nefarious activities.

Bitcoin among other digital currencies can be used to buy about anything, from a cup of coffee to drugs and arms. That’s why it is something that has the potential to transform the entire global financial system.

Though the prices of bitcoin soared in 2017, there had been talks to put regulation on this cryptocurrency. Bitcoin is already facing some tough regulatory measures in countries like China, South Korea etc.

According to May, there has been a surge in the use of bitcoin that is “increasingly developing”. In the similar regard, she stated on Thursday:

“I think it’s something that we do need to look at.”

Britain’s running take on cryptocurrencies

Last year, the Financial Conduct Authority which is the British regulator issued a warning to the investors regarding venturing into the CFDs that is Cryptocurrency Contracts for Differences. These digital based CFDs are basically considered high-risk investments by the agency.

In a statement released by the agency in mid-November they clarified:

“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 warning due to several risks of CFD to investors that include leverage, price transparency, price volatility, funding costs, and charges.

When it comes to the potential of the countries belonging to European Union, Britain already has a leading edge in the artificial intelligence development area.  However, May wants that when UK leaves the EU, UK has the surge of technology companies that want to set up their business here, as evident by her statement:

“We are already an attractive place for businesses to come and set up.”

Now, we would have to wait for the regulations UK plans for the cryptocurrencies. Will it take support from other European Union countries also?

What are your thoughts on Theresa May’s take on cryptocurrencies? Let us know your thought in comments below.

The presented content may include personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for you personal financial loss.

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