A month after the British government announced plans to implement stricter regulation on bitcoin, other authorities have expressed their desire to make London a hub for the digital currency. Support for the bitcoin was seen as a step closer to financial innovation and leadership, although officials still clarified that regulations should be implemented to prevent the use of the cryptocurrency in criminal activities.
Elsewhere in the city, bitcoin enthusiasts have formed a club to discuss ideas on the industry and regularly hold meetings every Tuesday evening. Called the CoinScrum, the group comprises around 2,000 individuals who are leading the drive to make London home for bitcoin trading.
Bitcoin Gatherings in London
Take note that London currently enjoys roughly $5 trillion in global currency trading volumes, competing with the likes of San Francisco and New York in being the financial technology leader in the world. CoinScrum is run by a former derivatives trader and creator of a digital currency startup.
Their meetings attract crowds of young people who are similarly interested in bitcoin operations. According to Blockchain founder Nicholas Cary, it would be a historical mistake not to make London the center of the bitcoin industry since it has already been known as the home of financial innovation for hundreds of years.
Compared to New York, London carries a more open mind to digital currencies. “It’s a very positive attitude, one of: this is an amazing innovation, we’re going to have to have some kind of regulation in terms of money laundering, but let’s do this in a constructive way, in partnership with the technologists and the industry,” says Jerry Brito who is the Executive Director of US-based Coin Center.
However, the governing body of the city of London has already said that authorities need to step up their game to monitor any bitcoin dealings in case they find evidence of abuse or potential criminal action.