Cryptocurrencies have been expanding in 2017 and regulations have appeared in the last times. Governments are trying to regulate cryptocurrencies and they are searching the way to not kill the environment. According to a British Minister, cryptocurrencies do not threaten the country’s economic stability, Furthermore, regulations can minimize risks and encourage a stable growth.
UK Minister Supports Crypto Regulations
The United Kingdom is searching for appropriate measures in order to regulate the cryptocurrency market. This is something that several countries all over the world are discussing and trying to implement.
UK City Minister, John Glen stated that the cryptocurrency market is not a threat for the economy. At the same time, he said that a “proportionate” level of regulations would allow innovation to spread allowing the market to grow.
As reported by Business Insider, Glen commented that the government knows how the space develops and the interest that has been generated. This does not represent “any significant risk to the UK economy,” he said.
The comments made by Mr Glen are similar to the ones that Mark Carney, Bank of England governor, did some days ago claiming that cryptocurrencies are too small and limited to threaten the existing financial system.
Mr Glenn said:
“The issue is, how do we regulate or not, how do we enable or not, based on the blend of opportunities and risks that may exist in this new technology. Regulation could be an enabler of a state, flourishing cryptocurrency exchange in the City of London.”
The cryptocurrency environment has been debated at the G-20 summit in Argentina during the last week. Members of the G-20 proposed to follow FATF standards in order to regulate activities around cryptocurrencies.
London as a Blockchain Hub
Some time ago, we wrote about London and how the city could receive an important boost to its economy by embracing blockchain technology. Since always, London has been Europe’s financial centre, something that improved London’s economy and financial sector. But since Brexit negotiations are taking place with the European Union, other financial centres are gathering attention.
Kay Swinburne, a member of the European Parliament for Wales explained during an interview that London could keep relevant by adopting blockchain technology.
“For me, this whole distributed ledger technology, we have to embrace it. The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging.”
At the moment, different enterprises are using distributed ledger technology in order to improve their efficiency and offer better products or services.
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