UK Financial Watchdog Takes Contradictive Line On Crypto To UK Government
Categories: Crypto News UK
In a speech given on Friday by Charles Randell, chairman of the UK Financial Conduct Authority (FCA), the “speculative” nature of cryptocurrencies was mentioned, and also their legitimacy was brought into question. This is out of step with the UK’s proposed international crypto hub.It was with some surprise that the Chancellor of the Exchequer Rishi Sunak announced plans to make the UK a global hub for cryptocurrencies. The UK establishment has generally gone along with the line put out by central banks across the world that crypto is not to be trusted and should be highly regulated. So for this news to come out of such a financially conservative country was pretty staggering.However, the establishment within the UK could be said to be extremely sceptical to say the least. The deputy governor of the Bank of England, Sir Jon Cunliffe, has warned how cryptocurrencies could destabilise financial markets. The chairman of the UK financial watchdog, Charles Randell, has made his opinions known for some time now, and last Friday he spoke in a very negative vein on the subject of cryptocurrencies.The UK needs to make its mind up on where it stands exactly in relation to cryptocurrencies. Just muddling along as it generally tends to do really isn’t good enough. If enough clarity of vision can only be made, and the leaders can emerge to follow it through, then hopefully there will be gain to be made for the government, as well as for the average investor.