UK Treasury Report: Government to Curb Bitcoin Transactions?
The release of the latest UK Treasury Report was another blow to bitcoin prices this week, as the government revealed plans to curb bitcoin transactions. In particular, Chancellor George Osborne outlined on Wednesday that they will be stepping up their efforts to restrict criminal activity through anti-money laundering using digital currencies. On a more upside note, the report also revealed that the government plans to spend 10 million GBP in researching on bitcoin transactions and cryptocurrencies. This could allow startup companies to comply to standardized consumer protection laws....
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This week's news that the UK government will seek to regulate digital currencies made waves in the local startup community. The UK Treasury report, revealed on Wednesday as part of chancellor George Osborne's annual budget, outlined plans to curb criminal activity via AML (anti-money laundering) regulation and allow digital currency companies to opt-in to standardised consumer protections following May's election. The government also proposed injecting £10m into research on digital currencies as part of its larger pledge to innovation in FinTech. While many of the 120 submissions that....
Bitcoin exchanges in the United Kingdom will soon be regulated by the government, areport released in conjunction with the Chancellor of the Exchequer George Osborne's 2015 Budget revealed. The government also intends to apply anti-money laundering regulations to Bitcoin and other cryptocurrencies, in a bid to the check the rise of digital currencies-assisted criminal activities while supporting innovation and growth in the revolutionary technology. The report released by HM Treasury and Andrea Leadsom MP disclosed that the government will launch a formal consultation in the next....
The UK Treasury has announced a series of initiatives dealing with digital currency in a landmark report published in conjunction with the Chancellor of the Exchequer's annual budget speech today. The announcement is the government's first major attempt to grapple with the regulatory and consumer safety issues surrounding digital currencies. The report is largely positive towards digital currencies, noting its potential as a payments technology, while also underlining its nascent state and the potential risks associated with its use. The report said: "The government considers that digital....
True or False? The Chinese government intends to curb capital outflow by cracking down on Bitcoin trading. A couple of days ago news reports about the Chinese government’s decision to crackdown on Bitcoin trading to curb capital outflow started making rounds. The news created panic among Bitcoin traders, leading to a sudden slump in the digital currency’s price. The cryptocurrency which was trading at around $730s suddenly fell below the $700 mark. The report of China tightening its screws around Bitcoin transactions as a part of its capital control measure is a plausible story. However,....
Digital currencies were deemed a "low" risk for money laundering and terrorism financing in a report published last month by the UK government. In a National Risk Assessment released 15th October by HM Treasury, the government said that digital currencies present the lowest risk rating among money laundering vehicles, a list that also includes cash, banks and accountancy services. "The money laundering risk associated with digital currencies is low, though if the use of digital currencies was to become more prevalent in the UK this risk could rise," the report states. It goes on to....