John Glen: cryptocurrencies don’t provide a threat to UK economy

According to a statement from the British city Minister (who controls the financial services sector) John Glenn (John Glen), crypto-currencies do not provide a threat to the country’s economy and any regulation will only contribute to the development of cryptocurrencies.

John Glen, responsible for the financial services sector in the UK, said that «the government is trying to find the right approach and a reasonable level of regulation.»

On Thursday the British Chancellor Philip Hammond (Philip Hammond) has announced a new crypto division, which included representatives of the Treasury, the Bank of England and the FSA (the Financial regulator of the country). The created group will be engaged in «risk management assets cryptocurrency and extracting the potential benefits».

Over the past year, the cryptocurrency market rose strongly and reached a capitalization of more than $ 300 billion. Cryptocurrency exchanges do in the day, hundreds of millions of dollars, startups in this area collect billions of dollars in the Wake of the hype some jurisdictions, such as Switzerland and Gibraltar, in an attempt to grab a piece of trying to regulate this growing market.

Glen believes that «to date, measures are primarily an attempt to assess the situation before you start to act like a government.» He expects that a working group will present the results of their work in the shortest possible time.

According to him, the government is aware that in this area there is a lot of potential, but at the same time, it poses no threat to the UK economy:

“I’m sure that cryptocurrencies and the blockchain technology carries a great economic potential. But at the moment the scope of this activity in the UK do not pose a threat to the economy”.

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