Category Archives: John Glen

Auto Added by WPeMatico

15.8 Million UK Residents Own or Are Considering Bitcoin

A recent survey by Bitcoin wallet Luno has shown the desire by UK residents for the launching of a “Bitcoin Barometer” which monitors the numbers of those currently involved in crypto.

The barometer, which was launched today, shows that an estimated 15.8 million UK residents either currently own or would consider owning cryptocurrencies in the future.

The recent survey of 2,000 UK residents by Luno indicates that over a quarter could see Bitcoin as becoming a valid currency in the future, used in the same way as traditional mainstream currencies in circulation. Some 23% wanted more information, a figure born out by previous surveys elsewhere, and a fifth of respondent said that they would like to see Bitcoin used online and in-store in retail.

Again, as other surveys have indicated, trust and understanding remain a key issue as a barrier to wider adoption in the community. Luno’s own figures reflected this with 43% of respondents admitting that they hadn’t purchased cryptocurrencies for this reason and over half called for further regulation.

Maya Kumar, company spokesman and head in the UK and Ireland, commented:

“Our survey showed that just under 2 in 5 (36%) had not purchased cryptocurrencies because they didn’t understand the concept. There are public misunderstandings around cryptocurrencies that lead to this lack of trust. We believe by making cryptocurrencies easier to understand through education and offering a user-friendly, safe platform, more people across the globe can trust, benefit from an upgrade to a better financial system.”

What came through clearly, based on the numbers, is that cryptocurrency is well established in the UK, far more so that many other nations in Europe, such as France where crypto uptake is particularly low. South Korea, Japan, and the UK currently lead the way in general cryptocurrency awareness.

Earlier this year, UK city minister John Glen suggested that regulation could be a “significant boost”  to the local cryptocurrency industry should the government be able to find an appropriate level of regulation.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 15.8 Million UK Residents Own or Are Considering Bitcoin appeared first on BitcoinNews.com.

Possible Boost to UK Cryptocurrency After Positive Government Comments

UK government comments made on 22 March at the UK Treasury’s International Fintech Conference indicate that the UK government sees regulation as a way of enabling a “stable” cryptocurrency exchange in the City of London.

UK city minister John Glen’s comments suggested that regulation could be a “significant boost”  to the local cryptocurrency industry should the government be able to find an appropriate level of regulation. Although it’s unclear exactly what an appropriate level will look like in real terms, such discussions regarding boosting the cryptocurrency industry might be viewed by the industry as positive language. John Glen was quick to point out that current levels of trading activity posed no significant risk to the economy.

Speaking at the conference, the UK Chancellor of the Exchequer, Philip Hammond, launched the Fintech Sector Strategy, designed to further trading relations with Australia. A major factor in this potential partnership includes understanding emerging technologies such as blockchain and harnessing their potential.

One of the functions of the UK government’s task force will be to examine the risks of blockchain technology and mitigate these while examining the benefits of ledger technology in financial services. The Cryptocurrency Task  Force,  consisting of the UK Treasury and the Financial Conduct Authority has been set up for this purpose and is expected to report back in the summer with its findings.

Such calls for regulation were made last week by the Governor of the Bank of England, Mark Carney, when he discussed the impact of cryptocurrencies’ core technology indicating that he was not against innovation provided by cryptocurrencies, stating that regulation could potentially “serve the public better”. This following his comments that cryptocurrency “had pretty much failed” as a source of money.

Chancellor Hammond commented at the conference that “every hour a new tech business is founded in the UK and my aim is to make that every half hour” and indicated that the UK would open its doors to innovators and inventors. He suggested the task force as a first step towards automating financial compliance in the UK.

 

 

 

The post Possible Boost to UK Cryptocurrency After Positive Government Comments appeared first on BitcoinNews.com.