Digital currency, also popularly referred to as Bitcoin, is being traded and/or regulated in many different ways across the United States. More and more people are realizing the promise it holds, not only in America, but in many parts of the world.
For instance, in Europe, virtual money is gaining a lot of momentum, attracting key business and finance centers in the region. The United Kingdom, touted as the financial capital of Europe, is about to turn things around with the adoption of new Bitcoin innovation.
As proof of Europe’s growing enthusiasm with digital money, British premiere David Cameron himself spearheads a trade campaign that will have onboard renowned bitcoin firm, Blockchain.
The mission is a first of its kind and finance leaders in Europe are expected to tackle the many complex points of digial currency.
A very important factor to be be looked into is the creation of a body that will oversee and manageme bitcoin as a viable form of currency.
While it is yet up for deliberations, the support being shown by bitcoin advocates as well as key figures in European trade is promising. The Bank of England, among other influential financial institutions, has been a known advocate of Bitcoin.
The proper and effective way of regulating bitcoin is of paramount concern in order to prevent illicit trading such as money-laundering. This is a challenge now for the British government.
Like other groups and institutions that support and welcome the use of cryptocurrency, bitcoin advocates in Europe have spoken with regards the possibilities of extending blockchain’s uses, particularly as a result of the cost-efficient way that actual money can be traded through the technology.
According to a February statement by BOE, as reported by TechCrunch, “while existing private virtual currencies have economic weaknesses which make them unstable, the distributed ledger innovation that their payment
Originally appeared at: http://www.fxpips.com/bitcoin-invades-europe-british-govt-blockchain-team-up-for-bitcoin-use/