While the anti-crypto currency has reached its peak globally, the news from the UK has caused great excitement in the sector.
UK: Edinburgh Reforms and Cryptocurrencies!
Finance Minister Jeremy Hunt has shared a package of 30 regulatory reforms for the UK’s financial services in a bid to boost economic growth post-Brexit. Decommissioning a digital pound, experimenting with blockchain and increasing investment in cryptocurrency businesses are among the main goals of the new economy package. The 30-point Edinburgh Reforms, published on Friday, are aimed at ”accelerating growth.” There is a huge effort to be at the forefront of innovation in the UK’s financial sector.
The government is committed to publishing a report on creating a central bank digital currency for the UK. The Treasury and the Bank of England are continuing to explore the digital pound, while many countries are making moves to issue their own central bank-backed digital coins. The new support package will also cover the cryptocurrency industry in the UK. The government is re-committing to a Financial Markets Infrastructure Sandbox, where firms can experiment with decentralized technologies in a regulated space. This application is expected to be released in 2023. The government wants to reform the Consumer Credit Act 1974 to encourage innovation and reduce costs. This development is of great importance for both Bitcoin (BTC) and altcoins.
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