It is reported that the UK is investigating digital currency and blockchain technology from multiple angles, including the role of encrypted digital currency in the UK, and comprehensively assessing the overall risks that cryptocurrencies pose to central banks and traditional financial institutions, and determining whether it is necessary to take regulatory measures.
The UK appears to be preparing for the regulation of cryptocurrencies. The Treasury Committee of the House of Commons is conducting an investigation into cryptocurrencies and blockchain technology, raising concerns about future regulation, The Telegraph reported. Nicky Morgan, chair of the Treasury Committee, said the inquiry would assess "the potential risks posed by digital currencies to consumers, businesses and governments, including risks associated with market volatility, money laundering and cybercrime, to the extent that they could disrupt the economy and replace traditional means of payments." However, the unregulated market is more worrying for cryptocurrency enthusiasts, and the committee will also assess whether the government and major financial institutions (such as the Bank of England and the Financial Conduct Authority) should regulate cryptocurrencies.
Many prominent figures in traditional finance are more than happy to inject positive momentum into cryptocurrency regulation. As The Telegraph reported, a Bitcoin expert at the Alan Turing Institute in the United Kingdom claimed:
Robert Hannigan, the former director of the British National Communications Intelligence Agency (GCHQ), not only praised regulation, but also criticized Bitcoin. Robert Hannigan said:
Meanwhile, economic sociologist and Oxford University professor Villi Lehdonvirta believes that both developers and investors will welcome the UK regulation, saying:
Iqbal Gandham, Managing Director of eToro UK, agrees, saying:
As a politically conservative newspaper, The Telegraph has reported on this, and we can’t help but call on the Bank of England, which recently rejected Bitcoin, to properly regulate cryptocurrencies, as this would be a good thing for the British government. However, those who oppose regulation may argue that traditional financial institutions simply feel threatened by the cryptocurrency market. While deliberately stifling innovative technology, opponents are absorbing the essence of blockchain for their own personal growth.
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