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The UK Central Bank demands tight rules against cryptocurrency on an international scale as banks and institutions have deepened their involvement.
Why is Crypto a concern for governments all across the world?
Cryptocurrency has the ability to kill the Central Government with its decentralized system. Crypto made for peer-to-peer transactions cannot be regulated. Therefore, putting the central government particularly banks in a difficult situation as they cannot manipulate the money supply and interest rate.
Every country has its own Central Bank. RBI is responsible for financial stability in India. The Federal Reserve in the US is responsible for the safety and regulation of nations’ banking, controlling the debits and credits. While the bank of England ensures financial system stability in the United Kingdom.
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In an interview with the times, Sarah Breeden pinned her thoughts on coordination of other Central banks for powerful crypto Regulation rules and balancing. She said, ” this is not something, the UK can solve on its own.” She added,” we don’t have a regulatory framework that is fit for crypto coin yet but what we are doing is rolling our sleeves up and getting ready to build it.“
Will England ban cryptocurrency?
According to a UK government poll, the majority of Britons have supported for cryptocurrency ban as an action for climate change.
But, It is out of the question to utterly Ban Crypto. The idea to ban Crypto is limited. However, the government will project rules and laws to operate Crypto. The Government Will Seek methods to regulate Crypto and to possess a good grip on the money market.
Many countries are focusing on Crypto rules. It’s not surprising Breeden making comments on cryptocurrency. According to the Central Bank,” strong regulation rules would manage risk, encourage sustainable innovation and maintain greater trust and integrity in the financial system.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
