Do you think that Cryptocurrency is going to be the new normal?
At least facts and data clearly send a message that Crypto will be a reality tomorrow. These are not just words but facts. Take, for example, the UK, where the number of Crypto users took a real long jump from about 1.5 million in the year 2018 and now will reach 3.3 million in the year 2022! That’s how promising it is.
The UK in general – and London in particular – are emerging as leading Cryptocurrency users in the day to come. These have led experts and enthusiasts to ask one question:
Is London going to be the torch bearer of a new Crypto Europe?
You should not be left behind if you are a Londoner or even a Brit. You could start trading Bitcoin using the bitcoin era. You get all the help from there. In this article, we are going to study and find out if London will be crowned the new prince of Crypto Europe. Let’s start the discussion.
Now, What Is The Status Of Crypto In The UK?
London’s coronation at the price of the Crypto world in Europe depends on the performance of the UK. Therefore let us understand it with the help of some stats and facts:
- London alone has more than 100s Crypto exchanges.
- As per January 2021 records, Coinbase has more than 100000 active users in the UK, and believe us; they are strong numbers indeed.
- Currently, there are around 3.3 million people using some Cryptocurrency or other, and this increased fast with a rate of around 5 %. That’s a high growth percentage, undoubtedly.
- According to a study, around 60% of cryptocurrency owners hold their assets in different crypto exchange platforms.
- These figures vehemently opine that the playing ground is quite ready for London to be the undisputed leader in Europe in terms of Cryptocurrency. At least the figure aptly puts the fact before all of us.
London’s Plan To Turn The Table
Cryptocurrency is often described as a “bubble .”The Crypto markets are a volatile lot. There are always some risks and uncertainty. If a country embraces Cryptocurrency, it must have a strong economic base that can act as a shock absorber to the jolts of Crypto’s “great fall.”
This is reflected in different other nations that aren’t really playing the front foot here. The government of Singapore is tightening laws and regulations for Crypto trading. Even India, notwithstanding pressure from different corners, cannot show that courage.
But the Government of Britain really showcases some heart of steel to go for Crypto. The government’s plans showed their commitment to embracing Cryptocurrency and aligning with Dubai.
Therefore the Intentions are very much clear that London is preparing to board the Cruptoexpress to reach the junction of growth and prosperity. At least it gets reflected in the bold steps that the government is willing to take for Cryptocurrency to become normalized.
The Uk Wants To Be The Most Deserved Place For Crypto Trading
The government of the US has chalked out some constructive plans so as to make Cryptocurrency normalised into the existing economy. There is a certain amount of willingness on the part of the government authorities. On 4th April, the treasury passed some concrete plan of action so that London in particular or the UK, in general, emerges as the strongest contender to lead Europe in Cryptocurrency trading.
This got reflected by the former Chancellor of Exchequer, Rishi Sunak (now a PM candidate after Boris Johnson resigns as the Prime Minister of the UK). Under this, the government will be bringing in-laws that will set to cement the position of the stablecoins into the economy of the UK.
The government expects the strengthening of the stablecoin will act to provide stability and high regulatory standards to the existing system. Actually, the government could well understand the value that Cryptocurrency adds to the economy at present. So they are not determined to end this hide and seek and take constructive steps to regularise Cryptocurrency in the markets.
There is not an iota of doubt that Cryptocurrency, notwithstanding its volatility, has the ability to turn things around. Cryptocurrency has turned people from rags to riches.
London’s steps on Cryptocurrency showcase clearly its intention to be a leader in Europe in terms of the Cryptocurrency economy. The city can well turn out to be the capital of Crypto Europe.