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United Kingdom Announces Plans to Regulate Bitcoin


United Kingdom Announces Plans to Regulate Bitcoin

The UK government has revealed plans to regulate Bitcoin and other digital currencies using anti-money laundering rules. This news made people believe that the United Kingdom might become the leader in the secure and safe exchange of crypto currencies such as the Bitcoin.

The report that revealed this important information to all Bitcoin players was presented together with the annual budget statement of George Osborne, the UK's finance minister. These plans are seen as an effort by the government of the United Kingdom to fight the potential illegal use of Bitcoins and other currencies and, at the same time, as a way of showing support for future innovations.

After the news hit the public, the one to express his opinion about the situation was Tom Robinson, a UK Digital Currency Association board member. Robinson said that regulation of Bitcoin and other digital currencies would provide enough oversight to provide legitimacy without suppressing innovation. He also added that he believed it was a good balance between the US, where the first regulated Bitcoin exchange was opened, and a lot of other countries that are "completely ignoring" the Bitcoin.

Bank of England Seems Positive about Bitcoin's Future

Ever since the Bitcoin was first presented to the public, many banks and governments have tried to ignore its existence. However, British institutions seem a bit more positive about the future of the Bitcoin.

For example, last February the Bank of England made a statement that crypto currencies had considerable promise. The reason for this opinion lies in the fact that digital currencies offer a way to securely transfer funds without involving third parties. Nevertheless, the bank warned that using Bitcoin might damage the economy as well. Another risk of using digital currencies, according to the Bank of England, is fraud.

The Treasury is another UK institution with a pretty much positive opinion on Bitcoin.
Last week, the Treasury announced a new research program of approximately £10 million whose objective is to collect more information about digital currency technology.

Additionally, on Wednesday the Office for Science released a report in which the future potential of crypto currencies is explained. According to the Office for Science, digital currencies "have the potential to replace traditional currency."

What Does This Mean To Online Players

Even though playing at any well established Bitcoin Casino proved to be safe, fair and anonymous, players still need protection of hackers who have emptied a huge number of Bitcoin wallets during the years. Also, users of Bitcoins lack access to banking services because the absence of regulation has kept financial institution away from working with digital currencies. In addition, the value of the Bitcoin against the US dollar cannot seem to stabilise for a longer period of time.

Hence, having a regulated Bitcoin currency is something that all Bitcoin players should hope for. Not only they will keep all of the advantages of using digital currencies, but they will also be protected and feel safe playing online with their favourite currency.

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