Crypto regulations come in Great Britain within one year: says Andrew Griffith
Crypto regulations come in Great Britain within one year: says Andrew Griffith
Andrew Griffith-Economic Secretary of the British Ministry of Finance and member of the parliament-said that the authorities of the kingdom plan to impose a regulatory framework for the cryptocurrency industry in the next 12 months.
The rules will aim to advance the sector and to make Great Britain a center for digital assets.
The regulation is on the way
in a recent interview for CNBC, Griffith Preserver-Spaces = "True"> called The British government is ready to enforce relevant rules for the crypta sector Loand the matter by the end of April. He added that such legislation is expected to take place next year, since Great Britain has finally got back to its feet after the Brexit has disrupted its currency system:
"We have our rules under control again, which Great Britain has not had for decades. So we have the ability to move agile and appropriate. And I am definitely very interested in that we do the best of this opportunity."
The legislator added that the upcoming regulation would promote the development of the investment class with the aim of transforming the kingdom into a global cryptocurrency center: "Wherever possible, we want the same asset, the same transaction in the same way. But there are a few additional options in the crypto-asset or distributed LEDGER area, and we want to use this." also Rishi Sunak, Prime Minister of the United Kingdom, is enthusiastic about the idea. Last year (as Minister of Finance) he said that he would like to see the country developing into a "global center for crypto-asset technology". Sunak also asked to create a non-fungable token (NFF) almost a year ago. However, the government withdrew these plans, but promised to "further check this proposal". While the Prime Minister and other British politicians prefer the cryptocurrency industry, this is not the case with Bank of England. his governor-Andrew Bailey-is one of the sharpest critics and argues that Bitcoin and the alternative coins "have no inner value". He warned Investors should be extremely careful when dealing with such assets, as this can lead to significant losses: "I will say that bluntly again. Only buy them if you are willing to lose all of your money."
At one point, the central banker even expressed concerns about the decision of El Salvador, Bitcoin within his limits to the legal means of payment, since he believed that the locals were not aware of the possible dangers: "It worries me that a country would choose him as a national currency. What worried me the most is whether the citizens of El Salvador understand the type and volatility of their currency."
The President of the Central American Nation-Nayib Bukele- replied in a somewhat ironic way is really worried about El Salvador's financial prosperity makes: "The Bank of England is" concerned about El Salvador's introduction of Bitcoin? I really guess the Bank of England's interest in the well-being of our people is real. I mean, they always took care of our people. You have to love the bank of England. "
. Andrew Griffith, Reuters
The enemy attitude of the central bank