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Despite the negative rumors about cryptos, the UK Finance Department steps out by announcing the launch of a task force aiming to assess the risks and benefits of cryptocurrencies.
Precisely, the UK Minister of Finance, Philip Hammond, stated the following "I am committed to helping the (fintech) sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution.". In addition to this, Philip Hammond added that a new task force will help the UK to manage the risks around crypto assets, as well as, harness the potential benefits of the underlying technology. The task force will include the Central Bank of the UK and the Financial Conduct Authority watchdog.
In addition to this, Jack Dorsey, the CEO of Twitter, stated that “The world ultimately will have a single currency. The internet will have a single currency. I personally believe that it will be Bitcoin.”
If the above statements are taken into consideration, we may affirm that the UK is taking a step towards one of the most innovative technologies of this decade. Nevertheless, the future of cryptos lies in the regulatory practices and on how they will be implemented so that not to damage them and let them have their edge.
The crypto technology is in its early stage so now we are experiencing the “trial and error” phase just like any other new technology out there. Hence, it is required to become more familiar with it and enhance our knowledge as we go on.
It could be articulated that cryptos will transform the world, but this will not happen in one day.
About the Author:
Marios Athinodorou is TeleTrade’s market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts.
Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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