• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Should the UK Create Its Own Cryptocurrency?

newsbtc by newsbtc
6 years ago
in Uncategorized
Reading Time: 2min read
bitcoin london, bitcoin uk, bitcoin government, bitcoin aml
Advertisement

London has been trying to establish itself as the global hub of bitcoin, with more and more cryptocurrency enthusiasts freely able to exchange ideas about the industry in this city. In addition, the UK government has taken a relatively open-minded stance in taking cryptocurrency developments in stride.

According to Citi, the UK government should create its own cryptocurrency to spearhead the shift to a more technologically-advanced shift in monetary systems and payments. “The greatest benefits of digital currencies can be realised through the government issuing a digital form of legal tender. This currency would be less expensive, more efficient and provide greater transparency than current physical legal tender or electronic methods,” mentioned Citi’s Treasury and Trade Services (TTS) Technology and Innovation Team.

Local Cryptocurrency Creation

“To be a key participant may mean that banks and governments need to work together to develop digital currencies that supercede the existing physical and electronic solutions,” Citi adds. Apart from that, having their own cryptocurrency could help the UK government have a digital currency that already complies with existing regulation and meets their anti-AML and KYC requirements.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Prior to this, Citi has already called upon the UK government to step up their oversight on digital currencies. In a document submitted in December last year, the bank stated: “The absence of clear regulatory guidelines creates uncertainty in this space, and prevents legitimate players from entering the space. Resolving this uncertainty will allow banks to make decisions on how to approach digital currencies.”

According to Adam Cleary, a director of the UK Digital Currency Association (UKDCA), a digital form of legal tender could improve currency transactions in the UK but these might just represent a shift to a digital-based database technology above anything else.

“Extensive work has been done by HM Treasury in collaboration with the UKDCA to establish a strong regulatory framework in the UK and we believe this is a good model for any international regulatory approach,” Cleary added.

Tags: bitcoin amlbitcoin governmentbitcoin londonBitcoin UKNews
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Ripple XRP XRPUSDT

Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

12 mins ago
bitcoin hashrate

Decline In Bitcoin Hashrate Causes Miners To Earn $16.7 million In 24 Hours

29 mins ago
Alpha Homora Ethereum ETHUSD

How Alpha Homora v2 Will Boost Yield Farmes Gains

2 hours ago
Bitcoin BTC BTCUSD

Why Bitcoin Could Be The Key For The Future Of Clean Energy

3 hours ago
bitcoin dollar decay

“Exponential Decay” Of The Dollar To Benefit Bitcoin Long-Term

5 hours ago
Akita Inu: Is It the Next Dogecoin?

Akita Inu: Is It the Next Dogecoin?

6 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Chatex Launches a 99 NFT ROBOTS Challenge with Tesla Model S as a Grand Prize

April 21, 2021

SappChat: Providing Safe Communications and Financial Operations on the Blockchain

April 21, 2021

Upcoming NFT Drop by Viberate and Blockparty Will Introduce World’s First “Live Gig NFT”

April 21, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.