U.K Central Bank wants to regulate the use of Bitcoins or crypto in fraudulent activities

United Kingdom’s Central Bank made an announcement on Thursday evening that their institution will take an effort to monitor and regulate the use of cryptocurrencies in fraudulent financial activities.

The Independent, a British online newspaper published in their report that the Governor of the Bank of England, Mark Carney stated that he thinks strict and mandatory adjustments have to be taken up when it comes to cryptocurrency exchange in the country. This action was in an effort to eliminate illicit utilization of cryptocurrency in financial crimes such as money laundering and financial terrorism.

Carney, during a speech at the Scottish Economics Conference, Edinburgh, said:

“In my view, holding crypto-asset exchanges to the same rigorous standards as those that trade securities would address a major underlap in the regulatory approach” 

He also focuses on the risk factors of crypto-banking saying that as BTC expands the traditional institutions. They are falling behind in improving their systems and operations causing the Central Bank to manage and implement a much greater task force to regulate these virtual exchanges.

But he also adds that as of now he does not believe cryptocurrency will hamper their operations.

Cryptoflyguy [VEN], a crypto enthusiast, posted on Twitter:

“Having just listened to this whole speech, this was such a small part. Why not focus on the opportunity’s the Bank of England sees, where he said crypto is “pointing the way of where the system has to go with P2P distributed transactions.” #fakenews”

Not too long ago, the top financial regulator of United Kingdom had said that in the United Kingdom crypto-trading is increasing exponentially and will build up as an opposition to the traditional banking systems.

In late December 2017, Andrew Bailey the Chief of the Financial Conduct Authority warned the country’s domestic investors that crypto assets like BTC and ETH are not really regulated on a mandatory basis in the United Kingdom and any such investment loss might not be protected by any legal authorities.

Coinivore, a news media on Twitter posted:

“Money laundering is a fake crime. It’s a mafia protection racket. People should be free to trade bytes of information however they want. It’s none of the Central Bank’s business.”

Ronnie Singh, a litigator and a cryptocurrency supporter says,

“If you want to stop money laundering, first regulate yourself [the bank], then regulate the fucking government crooks and then you come to the common man. People with power are often the biggest culprits. So yea, leave cryptos alone!!”

The post U.K Central Bank wants to regulate the use of Bitcoins or crypto in fraudulent activities appeared first on AMBCrypto.

Source: New feed