THE UK AND CRYPTOCURRENCY

THE UK AND CRYPTOCURRENCY

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The United Kingdom of Great Britain and Northern Ireland — AKA The UK or Britain, is a sovereign country located off the north-western coast of the European mainland. Also, the United Kingdom includes the island of Great Brittan.

It is a unitary parliamentary democracy and constitutional monarchy. The monarch is Queen Elizabeth II who has reigned since 1952, making her the world’s longest-serving current head of state.

Britain has the world 6th-largest economy by nominal GDP and 9th-largest economy by PPP (purchasing power parity). Furthermore, it is a member of the G7, the G20, the NATO, the Commonwealth of Nations, the Council of Europe, the Organization for Economic Co-operation and Development (OECD), the World Trade Organization (WTO) and others.

Photo by Tamara Menzi on Unsplash London, England 

The UK consists of 4-countries: England, Scotland, Wales and Northern Ireland. In addition, the capitals are: London, Edinburgh, Cardiff, and Belfast.

According to Wikipedia, the UK´s capital and largest city is well-known London. This city has more billionaires than any other city in the world, according to The Sunday Times Rich List (2015). 

England is the biggest country in the UK and the most populous as well. Although English is the official language, there are several regional languages such as Welsh, Irish, Cornish, and Scottish Gaelic.

The nation is home to 28 UNESCO World Heritage sites and cities such as Bath, Canterbury, and Chester.

Agriculture is a large part of their economy. They produce 60% of their food and therefore keep their food imports low. The UK has a vast number of natural resources. Their land is rich with iron, limestone, clay gypsum, lead, and coal.

The UK is a rich territory you should conduct research of your own and discover some cool facts about this beauty. Moreover, the British cuisine, art, and music are definitely something you want to take a look at!

Photo by Kenny Orr on Unsplash — Snowdonia, Wales 

The UK and Cryptos

According to a report on International Bitcoin flows, the UK has made the top the list with the largest number of registered cryptocurrency exchanges with 43, followed by the US with 27, Hong Kong with 22, Singapore with 19 and others.

Cryptocurrency is not legal tender in the UK. However, crypto exchanges are legal when they are registered with FCA

The country sits somewhere between the middle and upper ranges of the international leaderboard for crypto regulations. It has yet to produce specific crypto legislation, but it hasn’t come down hard against it either.

Bank of England´s statements about Cryptocurrencies 

In march of 2018, the governor of the Bank of England, Mark Carney, declared cryptocurrency is not a threat:

“At present, in my view, crypto-assets do not appear to pose material risks to financial stability. Looking ahead, financial stability risks could rise if retail participation significantly increased or linkages with the formal financial sector grew without material improvements in market integrity, anti-money laundering standards and cyber defenses.”

Photo by K. Mitch Hodge on Unsplash — North Coast, Northern Ireland 

Millennials in the UK

A law firm Michelmores LLP has surveyed affluent millennials in the UK and found out that 20% have invested in BTC and other cryptocurrency.

Aside from what some people may think, the survey showed that millennials take their investments seriously! And also that they are more are likely to invest digitally.

Senior partner, Andrew Oldland QC, at Michelmores said:

“There are many stereotypes attached to millennials — whether it’s that they spend their money frivolously or that they are overly reliant on the Bank of Mum and Dad long into adulthood. Our research challenges these myths, revealing that a significant portion of this generation who have £25,000 or more have amassed these assets themselves.”

Photo by Ross Sneddon on Unsplash — Edinburgh, Scotland

Final Thought

The UK is not rejecting cryptocurrency technology, it is taking one step at a time and with prudence, they are allowing their country to adopt, and adapt to BTC, and other cryptos.

Of course, I’m biased, but, it is so important for a nation to invest in cryptocurrency technology. By rejecting it, a nation is only setting itself to be the last in this race. That isn’t wise. And I will explain why.

No one can stop cryptocurrencies, the only thing that could stop it would be if cryptos didn’t have real use cases, however, they do have real and (very) useful cases. So, you cannot stop people from using something useful to them! The fact that cryptos are decentralized (have no central authority), meaning the power is entirely in the hands of the people, makes it unstoppable.

Dear, UK, you seem to be on the right track, just keep on moving.

Please readers, share your thoughts in the comments.

If you have any other information about how the UK is treating cryptos please drop a comment below.

The Winco Team


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Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.

FIRST PUBLISHED AT WINCO.IO 

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