06 Aug UK looking into Bitcoin regulation
At Innovate Finance held in London’s Canary Wharf, Chancellor of the Exchequer (the UK’s finance minister), George Osborne, announced today a series of measures to support the FinTech sector and encourage innovation in finance including supporting alternative finance providers and virtual currencies and digital money. To make the point, he even bought some bitcoin.
Chancellor Osborne said the UK government will look at the potential virtual and digital currencies have for achieving positive change and for encouraging innovation in Britain’s world leading financial sector, as well as the potential risks.
recognising that the world of finance as we know it is changing in front of our eyes, I can today announce that the Government will start a major programme of work exploring the potential of virtual currencies and digital money.
He also announced one of the steps the government will take is to start a programme of work looking into how virtual and digital currencies could or should be regulated in Britain.
… will look into whether regulation of the sector is required, so that virtual currency business can continue to set up in the UK, and for people and businesses to use them safely
Time will tell whether UK’s virtual currency industry receives support or suffers regulation.