The UK Financial Conduct Authority (FCA) through its executive director of strategy and competition Mr Christopher Woolard, has come out to say that it is strategizing on ways to curb illegal use of cryptocurrencies. This news comes at a time in which cryptocurrencies especially Bitcoin and Ethereum, have been embraced and incorporated in many business entities across the United Kingdom.
“This should not be viewed as a threat to the cryptocurrency business in the country. It should be seen as a way of protecting local businesses and protecting our international relationships,” remarked the executive director, Mr Woolard.
When will the termination begin
The termination of illegal crypto use will be done immediately after research has been done on the crypto market trends, the consumers and what risks consumers are susceptible to. The director is determined to curb the illegal use of cryptocurrency. “The FCA will be working closely with Her Majesty’s Treasury and the Bank of England. This will help us make observations and come up with strategies that will permanently deal with this problem in order to promote cryptocurrency growth and stability,” he remarked. He went on to further add, “This is very important given the recent plunge in Bitcoin prices that seem to have taken investors a few steps back.”
The director was quick to acknowledge the role of Her Majesty’s treasury in the fight against the illegal use of cryptocurrency. “Her Majesty’s Treasury (HMT) has been dedicated to the task of fighting against funding of unscrupulous businesses and illegal activities using cryptocurrency,” Mr Woolard remarked.
Keeping an eye on cryptocurrency dealings
Financial authorities were urged to take charge and keep an eye when it comes to cryptocurrency dealings. “This is not a personal vendetta against cryptocurrency. We have to be keen when dealing with digital currency,” remarked the director.
The news came as a relief since a considerable number of people have made investments in cryptocurrencies. A huge number of U.K. residents have invested heavily in Bitcoin and anything that makes them and their investment feel safe is highly welcomed and appreciated.