FCA head says Cryptocurrencies don’t need much concern

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Therese Chambers said the regulators in the United Kingdom not to worry much about cryptocurrencies.
  • Therese Chambers believes that Cryptocurrency was developed over the idea of the Cypherpunk movement.
  • Therese Chambers also pointed out that seeing Cryptocurrency developing from the Cypherpunk movement alone is not right.

The Head of Retail and Regulatory Research (R&R) of Financial Conduct Authority (FCA), Therese Chambers, said the regulators in the United Kingdom not to worry much about cryptocurrencies.

Chambers recently gave a public opinion NYU law school in the program “Evolving Digital Assets and Addressing Financial Crime Risk” on the 5th of March. He pointed out that Blockchain is the idea developed behind giving privacy for both users and the asset.

The economic crisis of 2008 and the launch of Bitcoin whitepaper both coincide and cryptocurrencies as assets are much more radical than just developing digital currencies (CBDC) and financial technology applications are given to what the regulators think reasonable.

Therese Chambers believes that Cryptocurrency was developed over the idea of the Cypherpunk movement, which was developed in the 1980s as a means of changing society and politics through strong cryptography. This main idea was to benefit private organizations to secure their activity with privacy.

Chambers also pointed out that seeing Cryptocurrency developing from the Cypherpunk movement alone is not right. Looking at the economic model through which cryptos have evolved in the previous decade portrays the characteristics and features of the traditional financial industry.

As of now, Bitcoin is rarely used for what it is meant for, that is a peer to peer transaction, but many have clicked on the idea that Bitcoin is an investment asset yielding returns pointing out from its original purpose. Individual countries have different regulations on the cryptocurrency concept and some of them haven’t even legalized the use of cryptocurrencies.

However, at the time of its birth, Bitcoin and other cryptocurrencies were developed with the thought of the global medium of the transaction with a single value that can be easily transferred to the less regulated territories.

Although to govern the cryptos in a single manner, an international committee must be formed for the same with standard regulations governing the crypto-assets and their movements.

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