After Six Months of Research, UK Officials Nowhere Near to Regulating Bitcoin

By Kapil Gauhar

It’s really complicated when it comes to determining the regulatory fate of the virtual currency. UK government is still facing difficulty in making any decision in this regard. The recently stated that it had not formally studied the current price drops as well as the resulting impact upon the industry within the UK.

The Regulation of Cryptocurrency In The UK

Like most other countries, the UK too has no official regulation about cryptocurrencies. That is even far from an ideal situation for the local users as well as entrepreneurs. The clarification demand regarding Altcoin and Bitcoins hasn’t declined in the last couple of months. Neither is the recent price changes making the matters easier in this regard.

Among the central pressing problem is the one that how the price fluctuations affect the UK blockchain industry. By the definition, cryptocurrency and blockchain are two completely different things. Minister of the State at the Department for International Development Lord Bates has confirmed that no assessment has been made in this regard. When he was asked about any government action in this matter, then Lord Bates responded with –

“The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market.”

No Expectations For Immediate Changes

The cryptocurrency history in the UK has always been interesting for keeping an eye on. The Bank of England recently mulled issuing their digital currency. However, the plans are no longer in play, but the idea still has its place.

The governor of the Bank of England, Mark Carney is no fan of Bitcoin. He stated:

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.”

Though clarification will be helpful for the industry to grow forward, yet the Bitcoin demand remains relatively high. The important exchange is a part of the Faster Payment scheme, and it’s a big step towards improving their current market position in the United Kingdom.