Despite crypto being banned outright in China, countries such as the U.S. and Britain are beginning to make moves to bring in regulation to the digital currency market.
Whereas last year regulators in the UK barred Binance from trading in the country, the tide appears to be shifting from a negative to a much more positive outlook.
The crypto industry is on the verge of taking off and reaching mainstream acceptance, but the industry is relying on government support and the introduction of regulatory guidelines to make crypto into something safe and accessible to the public.
Last week, the U.K. government revealed that it would be introducing digital assets called stablecoins into the local payments regime. Stablecoins are used to track the prices of existing currencies like the U.S. dollar. Similarly, British Finance Minister Rishi Sunak has requested the creation of an NFT from the Royal Mint.
There is ample opportunity for the U.K. to bounce back from the COVID crisis with a new attitude towards innovation and technology, fostering positive change concerning the internet and financial markets. However, there is caution being displayed given the darker side of the cryptocurrency industry, which can include money laundering as well as the negative impact of blockchain technology on the environment.
This new attitude to crypto regulation might also look to address some of the concerns consumers carry regarding these digital currencies.
