The British government has apparently decided that instead of trying to crack down, or sabotage bitcoin's future, it wants to embrace it and look to emulate some of its successes within the financial industry. To figure out just how to do that, it's begun asking users of the cryptocurrency to discuss with it and advise it on new currencies and the best way to integrate them with traditional purchasing practices.
“Digital currencies and digital currency exchanges are currently unregulated in the UK,” said a Treasury spokesman (via The Guardian).
“We’re considering the potential benefits of digital currencies to customers and the technology that underpins them, and whether we should take action to support innovation in this area. We’re also looking at the potential risks, and assessing whether action is required to address any concerns.”
To figure all of this out, the government is reaching out to bitcoin exchanges, law enforcement, financial regulators and indeed the public, in a hope to better understand the currency and how it could potentially benefit the British economy, if the UK were to become a leading adopter of cryptocurrencies.
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KitGuru Says: British chancellor George Osbourne previously stated that the only way Britain could continue to grow its digital economy was to grow with it. It will be interesting to see if the UK really does end up driving digital currencies around the world.