UK Government Announces New Cryptocurrency Research Effort

Britain’s youth financial minister, John Glen, announced Monday that the supervision will launch new investigate directed to try the intensity risks acted by cryptocurrencies like bitcoin.

According to a Reuters report, the apportion said:

“In our arriving fintech strategy, the supervision will announce serve work with the Financial Conduct Authority and the Bank of England to cruise these issues in more detail. … The UK is the best place in the universe for fintech and my charge is to guarantee it stays such.”

Speaking at the Innovate Finance discussion in London, Glen privately cited concerns about the repercussions arising from the “explosive growth” of cryptocurrencies. At the same time, he pronounced he aims to guarantee London’s position as a heading tellurian heart for fintech investigation and blockchain technologies.

Glen combined that 2017 was a record-breaking year for the U.K.’s fintech sector, attracting investments value £1.3 billion (roughly $1.8 billion). More than half of those supports reportedly came from abroad, a transparent proclivity for British regulators to continue welcoming blockchain projects.

Beyond the private sector, the Bank of England (BoE) is maybe one of the world’s most bullish executive banks when it comes to cryptocurrency.

In Dec 2017, the executive bank’s chief, Mark Carney, said in Dec 2017 that bitcoin’s cost moves don’t seem to bluster tellurian mercantile stability.

And, last April, the BoE – which also runs a fintech accelerator that welcomes blockchain firms – pronounced it planned to build the subsequent chronicle of the allotment system with distributed bill tech in mind.

Bank of England image around Shutterstock

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