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UK govt announces plan to regulate cryptocurrency, amid bitcoin crash

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The UK government has announced plans to regulate cryptocurrency in the country, amid slump in bitcoin and lack of positive growth to tie down holders and forestall sell off amongst investors.

During what was termed the “Queens Speech” to the parliamentary on Tuesday, the readiness of the government to regulate cryptocurrency was revealed, as UK took step to curb fraudsters activities in the crypto market.

The new development will result into two Bills enacted by the legislature. This comes after the UK government announced its intention to make stablecoins a payment method, which would be backed by legal process.

It was gathered that the UK will introduce the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill to back its cryptocurrency path.

Read also:New report says Twitter, cryptocurrency ban crippled Nigeria’s foreign direct investment

The decision is meant to reduce the restriction currently around cryptocurrency transactions in the country, ensure safe adoption of the digital currency, and in turn lure investors to the UK.

Bitcoin has jumped 2.07% within 24hours since the UK’s intention was made public, but BTC has not been without its challenges despite the recent hike in the market’s asking price.

The most popular cryptocurrency is down -53.54% since its All Time High in November, wiping off $36,938.3 from its value, to currently trade at $32,052.60 per bitcoin.

BTC also temporarily fell below $30,000 on Tuesday, to $29,944.80, and is currently down at -32.77% year-to-date, reflecting the crypto market’s struggle in luring bullish investors amid sell off from holders of the cryptoasset.

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