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The proposed regulation measures are considered to be positive in the UK. The topic of Bitcoin regulation is a cause for optimism and trepidation among digital currency enthusiasts. In the United States, the BitLicense currently being developed in New York has divided the industry. Unlike bitcoin users in the US, the majority of Bitcoin users in the UK are in favor of regulation.
Miningpool.co.uk recently conducted a digital currency study revealing that amongst other results related to usage in the UK, only 13% of Bitcoin users disagree with the government’s plans to regulate cryptocurrencies. Of those questioned, 82.8% felt that there were not enough places in the UK to spend Bitcoins. Outright negativity towards Bitcoin regulation in the UK was surprisingly low. Just over one in 10 of those surveyed felt that regulation could have a negative effect on Bitcoin while about 39% of the participants were not sure if regulation would be positive or negative; those respondents stated that they would keep an open mind for the time being.
When asked about regulation over digital currencies, most of the “Bitcoiners” in the United Kingdom agreed that regulation could be a positive trend. In general, they believe that by legitimizing the online currency and allowing more UK retailers to use cryptocurrencies as a payment method, will largely contribute to its mainstream adoption.
Though UK-based services for purchasing Bitcoins are increasing, many of those who are new to cryptocurrencies find that obtaining Bitcoins is still a difficult mission.
In this study Miningpool found that purchasing Bitcoins on exchanges was not the preferred method of acquisition in the UK; instead, 47% of the survey participants preferred to use peer-to-peer or brokerage platforms. Local Bitcoins scored best in the peer-to-peer/broker category, with nearly half of the respondents using the platform.
The respondents’ revealed that 35% of Bitcoin purchases took place via exchanges; with the popular Bitstamp being the preferred exchange service with over 30% of the study participants using this service. London-based Coinfloor ranked second, with 20% of the respondents using the company to purchase Bitcoins.
The most important aspect the study revealed is that a crushing majority of the UK Bitcoin users are in favor of regulation over digital currency in the country.
The reason we are so in favour of regulation is that we hope it will force the banks to allow us to use them. Try getting a UK bank account if you have anything to do with Bitcoin – no chance. Their only excuse is that the regulation isn’t clear (even though it is CRYSTAL clear right now.. there is NO regulation.. ask HMRC.. ask the Treasury.. both will tell you the same).. Take that excuse away from the banks and we hope that we can catch up with the rest of the world and actually have banking services. If not, FinTech is going nowhere in the UK whatever “Dave” says.