The upcoming US free trade talks have provided an opportunity for the UK’s Department for International Trade (DIT) to negotiate provisions for digital trade, which underpins the UK economy and is vital to both service and goods exporting businesses.
The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website.
Leaders from the seven most powerful world economies want to fully explore Bitcoin to its maximum potential. The G7 recently released a report on cryptocurrency investigating the effects of global stable coins. The G7 which includes the US, UK, Germany, Italy, Japan, France, and Canada also has leading hubs for cryptocurrency and blockchain projects.
On July 31, 2019, the United Kingdom financial and markets watchdog warned of the major dangers of unregulated Bitcoin and other cryptocurrencies. The Financial Conduct Authority (FCA) revealed that they don’t have core value and provide users less protections and further indicated that those unregulated tokens fall outside the range of its authorities.
Coinbase seeks to change the face of cryptos including Bitcoin (BTC), the leading cryptocurrency by market cap (MC). The crypto exchange bull headquartered in San Francisco, California, have rolled out a visa debit card that enables users in the European Union (EU) and the UK to spend cryptocurrencies instantly from their accounts. Currently, the company has over 13 million users worldwide.
While new digital currency derivatives product such as exchange-traded funds (ETFs) and physically delivered futures are in a precarious situation with an unclear future in the United States, one big United Kingdom store has begun trading a new major financial product that is tied to digital assets.
The head of Iran’s Trade Promotion Organization (ITPO) has said that the country is in talks with senior representatives from 8 nations to begin transactions with its ‘IranCoin’ - the newly created State-backed digital currency, Crypto-Rial, according to Tehran Times, a local news outlet.