Cryptocurrency Ban in UK

[Yugocean]

The FCA banned the cryptocurrency derivative, ETN, by saying that people are at risk of losing their money by investing in cryptocurrencies. Cryptocurrency supporters are raising their voice against this.

The FCA's argument is -

1. Falling in value of bitcoin etc. hurts investors.
2. The ability to convert cryptocurrencies to cash is dependent on demand and supply, with no guarantee.
3. Cryptocurrency is irregular, there is no possibility of compensation or complaint if there is a glitch in it.

The FCA has also made it mandatory for all UK cryptocurrency firms to register so that money laundering can be dealt with.

Supporters of cryptocurrency are strongly opposing the ban, highlighting the nature of cryptocurrency as a highlight, with CEO Jack Dorsey also among critics, Dorsey also running Square, a payment company.

 

[Ahmedo24]

Encouraging or ensuring that all Crypto firms are registered to curb money laundering is a good move and provide more Security.
Baning Crypto currencies because of the reasons sited above to me is not genuine enough because there are certain commodities that are more volatile than Crypto currencies.
They should first move to ban all hyips because they are far more dangerous than Investing in Crypto currencies. Virtually every one Investing in Crypto currencies are fully aware of the risk involved.

 

[Yugocean]

They should first move to ban all hyips because they are far more dangerous than Investing in Crypto currencies.

Iunderstand what you mean, a crypto is just a crypto, and it depends on market just like a product or like a forex trade; but HYIPs are made to turn scam and most of the HYIPs are licensed from the UK. UK is easy to create any company, just pay a little fees, and you are in; crypto do not need license, so they are banning it, yet they regulate nothing when it comes to HYIP. Critics might not care about that ban, P2P and non UK exchanges will gain from this ban.
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