UK Financial Conduct Authority in no hurry to regulate Bitcoin

Britain’s financial watchdog
won’t for now directly regulate blockchain, the technology that
underpins the bitcoin virtual currency, becoming the latest
supervisor to hold fire as policymakers eye the sector for
growth.Proponents of blockchain or distributed ledger technology
argue it has the power to radically innovate in areas of
financial services such as payments.Christopher Woolard, director of strategy and competition at
the Financial Conduct Authority (FCA), said many regulatory and
consumer issues need to be discussed as the technology evolves,
such as who controls access to it and data security.“The FCA continues to monitor the development of this
technology but is yet to take a stance until its application is
clearer,” Woolard said in a speech published on Tuesday.

5 Likes

Considering the UK’s stance on encryption (“wait, haven’t we ban it yet?”) and surveillance (“you need us watching you”) I’m not sure this is as reassuring as it may (not even) sound.


EDIT: how did i end up on a 3-month topic? :joy_cat:

Its because of R3, that they are holding out.