Britain urges global regulation of bitcoin

Bitcoin is independent of governments and banks and uses blockchain technology, where encrypted digital coins are created by sup
Bitcoin is independent of governments and banks and uses blockchain technology, where encrypted digital coins are created by supercomputers

The British government called Thursday for global regulation of controversial virtual currency bitcoin, adding that the G20 would address the topic in March.

"I think we should be cautious about bitcoin," Philip Hammond told Bloomberg TV on the sidelines of the World Economic Forum in Davos, Switzerland.

"Possibly we do need to look at the way we regulate this environment before the amount of outstanding bitcoin becomes large enough to be systemically important in the .

"It is not there yet but it could get there soon," added the minister.

Bitcoin is independent of governments and banks and uses blockchain technology, where encrypted digital coins are created by supercomputers.

The virtual currency is not regulated by any central bank but is instead overseen by a community of users who try to guard against counterfeiting.

"What is really important is in regulating the cryptocurrencies we do not inadvertantly constrain the potential of the technology that underlies, the blockchain technology, which a wider and more important application," added Hammond on Thursday.

"It needs to be done at the international level and of course it will be on the agenda for the G20 meeting in Argentina" later this year.


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Citation: Britain urges global regulation of bitcoin (2018, January 25) retrieved 21 May 2019 from https://phys.org/news/2018-01-britain-urges-global-bitcoin.html
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Jan 26, 2018
Britain is the nanny-state capitol of the world. The sheer hatred of the governments and banks for a currency they can't control or charge fees off of, is palpable.

Jan 26, 2018
Wait until they find out that it's self regulated, and regulated way better than any other currency in history.

Jan 26, 2018
Defeating the main point of these currencies, but you knew someone would move to do it eventually. Almost surprised it did not happen earlier. Fact is, if you have no control over trade and currency, your really not in control of much. Cryptocurrencies are far from becoming a major issue in that regard, but you have to know that the very idea is just so disturbing; as is the idea of volatile market fluctuations.

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