Bitcoin Nears Legitimacy as UK, US & Australia Governments Consider Regulation

Avatar
Trouble for Bitcoin? CBN Calls Cryptocurrency a 'Gamble'
CBN Calls Cryptocurrency a ‘Gamble’

There are indications the British, Australian and United States governments are taking Bitcoin a bit seriously by increasing regulations.

According to Reuters, Stephen Barclay, economic secretary to Britain’s Treasury, told parliament in a notice dated Nov. 3 that the amendments “bring virtual currency exchange platforms and custodian wallet providers into Anti-Money Laundering and Counter-Terrorist Financing regulation.” The implication is that companies which trade with the coin would be overseen by competent authorities in the nation.

The U.S. and the Australian government have also given some attention to the crypto coin. While the U.S. has included groups and markets to Bitcoins’s future contract in a bid to increase regulations, Australia has brought the cryptocurrency’s providers under the gaze of the government’s financial intelligence unit.

The above news is not surprising considering the spiking and still rising price of Bitcoin in recent times. According to reports, the coin price increased by up to 1,000 percent owing to increased demands.

Despite a slight fall during the year, the rapid increase in price attracts investors and others, as they try not to be left out, even though some countries are yet to embrace the currency legally.

Although many experts say that the currency is a wealth mirage, one can’t help but wonder if they are wrong, considering recent developments.

Another way to look at these regulations being put in place is that these governments could be accepting the cryptocurrencies more and more, and are trying to attach legalities around their trading. These regulations may aid the coin’s introduction into the mainstream.


If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Comments


Leave a Reply

Your email address will not be published.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!