Businessmen ask the British government to relax the regulations of cryptocurrencies | eBitcoinics.com

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Businessmen ask the British government to relax the regulations of cryptocurrencies

new@eBitcoinics.com 11 Dec, 2018 news.eBitcoinics.com Views: 288

British business and analysts would have responded to the government's plans to regulate cryptocurrencies and technologies related to them, describing it as a "retrograde approach," according to the British newspaper Telegraph.

These regulatory plans would take place within the framework of an increase in the level of power of the country's financial regulator, the Financial Conduct Authority (FCA) on cryptocurrencies, as well as its focus on policies aimed at consumer protection and anti-money laundering.

Now, a joint report from the British Business Federation Authority (BBFA), the business fund Novum Insights and the casa de cambio TodaQ have urged the entity to be cautious when developing these regulations.

According to the document, those involved comment that "bad regulations are worse than not having regulations, because this may have implications and side effects in the UK FinTech scene."

On this matter, Patrick Curry, chief executive of the BBFA, commented: "I think it is a quite retrograde approach that I have not seen in other countries," adding that: "the use of this technology is still a voyage of discovery and these techniques they are being refined for different types of use. "

On the other hand, the newspaper reports that the United Kingdom has taken a long time before getting its hands on the domestic cryptocurrency ecosystem, even though some of the most well-known platforms in the industry such as eToro and Bitstamp are there.

Likewise, in March, the FCA had created a "workforce" of cryptocurrencies, under the premise that they should "evaluate what to do with the phenomenon", according to the entity's leadership.

"Cryptocurrencies have the potential to cause consumers year-round unless we develop a regulatory perimeter," said John Griffith-Jones, president of the FCA.

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