Josh Blatchford is CMO of London-based bitcoin startup BTC.sx.
Last week in the United Kingdom, the Conservative Party was re-elected into power. This article explores what their plans to regulate bitcoin might look like and whether they are capable of creating a bitcoin hub in the UK.
The last government unveiled its stance on bitcoin back in April. Along with a call for information, it stated: “The government intends to apply anti-money laundering regulation to digital currency exchanges in the UK, to support innovation and prevent criminal use. The government will formally consult on the proposed regulatory approach early in the next parliament.”
Entrepreneurs need not run for the hills – or silicon valleys. Although ‘regulation’ is not always the most friendly of words, the government does appear to have a light-touch approach thus far.
Furthermore, the Bank of England (BoE) has taken a cautiously optimistic viewpoint on digital currencies. In February, its One Bank Research Agenda came to the following conclusion:
“While existing private digital currencies have economic flaws which make them volatile, the distributed ledger technology that their payment systems rely on may have considerable promise”
The BoE also outlined the potential to