Cryptocurrencies remain an extremely divisive issue globally in 2018. Adding to its polarity of these instruments is the issue of how precisely or whether to regulate the digital currencies such as Bitcoin, which has led to varied responses internationally. The Bank of England’s (BoE) Governor Mark Carney once again spoke out regarding Bitcoin, endorsing a more national approach rather than a unified global strategy.
Discover credible partners and premium clients at China’s leading finance event!
The past year has seen the explosive rise of Bitcoin and other altcoins permeate the mainstream financial services industry. Their adoption in the retail space as well as in the payments industry has heightened the sense of urgency amongst global regulators who have spent the past six months trying to catch up.
The BoE’s Carney showed his willingness to back a more country-by-country basis for crypto regulation, per a recent Reuters report. The fragmented stance is certainly more feasible than a unified global directive, given many jurisdictions cannot even agree on how Bitcoin is defined as an asset class or instrument.
“These are national issues. I suspect they will remain national issues for some time,” Carney noted. The prospect of a country-by-country regulatory directive policing cryptos could ultimately see the consolidation of the industry in select jurisdictions. This is seen in other asset classes such as FX, where overbearing regulations in the US for example has all but extinguished the local market.
Several countries are trying to replicate this same process, such as in China or India, which have embarked on agendas respectively to stifle the rise of cryptos. Indeed, when asked about delivering a speech on the future of crypto-currencies, Carney stated: “I would have greater expectation of a series of national steps rather than some big coordinated approach.”
The comments follow after last month’s statement from Carney in which he portended fundamental problems with the concept of Bitcoin as a viable currency when measured by standard benchmarks. Responding to questions from students at London’s Regent’s University in mid-February, Carney warned that there are two big problems with Bitcoin as a credible currency: its value is unstable, and it can’t be a “useful way to buy things.”
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube