There is a softened approach towards cryptocurrencies by British politicians, according to Financial Stability Board (FSB) letter with positive statements from Mark Carney. Britain’s City minister John Glen is sure that virtual money won’t do any harm to the British economy, but they require adequate regulation. He said on the sidelines of the Treasury’s International Fintech conference on Thursday:
“We are seeing great excitement, some wariness, and also I think some misunderstandings. We remain agnostic and are engaged in trying to find the right narrative and the right level of regulation if that’s appropriate”.
“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.”
The British Chancellor of Exchequer Philip Hammond set up a special task force to assess both risks and benefits of digital assets and blockchain technologies with the purpose to attract more companies to London.
The largest cryptocurrency exchanges are concentrated in Asia and US at this moment, while UK is behind. A more friendly approach towards crypto may change the situation and force regulators to soften their position.
Major cryptocurrencies continue trading in the red zone. Bitcoin is consolidating around $8,450, after unsuccessful attempt to move above $9,000. Ethereum has settled at $522 within a whisker of critical support $500. Ripple is down 2.6% on the day, trading below $0.63.