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Cryptocurrency has literally challenged traditional currency. Now that the world economy is suffering from a pandemic, the UK is not out of this. Covid 19 has literally enervated the UK economy, and they are desperate to find some aphrodisiac to get recovered. Around 3.3 million people are now using Cryptocurrency. The physicians of the economy prescribe regulation of Cryptocurrency through some legal framework. Regulations? That’s what we discuss here.
Some Facts And Data On Cryptocurrency Usage In The Uk
- These facts and data might give an idea of why the government is so keen to regulate Cryptocurrency in the country.
- Presently there are around 3.3 million people in the UK that use Cryptocurrency. This is quite a good figure.
- According to some facts and data, there are around10000 users of Coinbase that are recorded in January 2021.
- You will be amazed to know that 1 in 5 people in the UK has heard about Cryptocurrency at some point in time.
- Almost 500 businesses are using Cryptocurrency for patents.
- It is clear from the facts and stats that the UK government authorities look to regulate Cryptocurrency in the coming days.
The Stant Of Government Of The Uk On Cryptocurrency: Then And Now
The UK government does not consider Crypto as some currency or commodity. And they have been regulating the crypto in some different ways. The FCA turned out to be the regulator of the UK for anti-money laundering and veneering finance terrorism. The regulatory body supervised more than then100 firms and put them under the Temporary Registration Regime.
In the year 2019, a report entitled “Guidance of Crypto Assets” set out some regulatory bodies and structured some ways through which the entire cryptocurrency framework can be regulated.
Therefore the stand of the government of the UK, which was sort of murky in the beginning, became quite clear. They literally want to regulate Cryptocurrency to bring in transparency.
This is quite a bold move from the government. There are more reasons than one. Firstly, the government could not have a hawk’s eye on the transactions that are happening in the country. This element of darkness and no control might give rise to some demon, which can cause harm to the entire democratic framework of the country. It is a tug of war between the business that wants to hide economic records of transactions and the government that wants transparency and complete accountability, and the government is desperate to win this battle.
The Government of the UK recently announced its full-fledged plan to make Britain the undisputed ruler in Cryptocurrency in the whole of Europe. The government wants to make Crypto a happy abode in the UK. It is heard that the treasure published a full-fledged report that underscores the government’s wish to regulate Cryptocurrency.
An air of optimism got reflected from the former chancellor of Exchequer, Rishi Sunak, that they want to make the UK the most desired destination for Cryptocurrency. The government is keen to bring in regulations so as to establish a strong ecosystem for the UK. This will enable the country to become a strong contender in the times to come. Therefore the government of the UK is showing its keenness to strengthen the condition of Cryptocurrency in the country. By regulating the technology at the right time, they think they can get a driver’s seat in Europe in the days to come.
In order to continue, it could be said that the Government’s decision to control Cryptocurrency can be taken as a bold step to regulate the economy. The idea behind this step must be observed as the step of economic reforms. This also highlights the government’s willingness to strengthen the framework of the economy that they want to see in the time to come.