The United Kingdom is set to pass a new cryptocurrency bill to bring cryptocurrencies under the same rules applied to traditional assets. The bill, approved by the upper chamber of Parliament on June 19, 2023, is expected to give the Treasury, Financial Conduct Authority (FCA), Bank of England and Payments Systems Regulator the power to introduce and enforce regulations for crypto businesses. The...
Britain has been making some bold bets on crypto in recent years. In 2020, the government announced plans to make Britain a “global hub” for cryptoasset technology. And in 2022, the Financial Conduct Authority (FCA) granted a license to Binance, one of the world’s largest crypto exchanges. However, some critics have argued that these bets are misguided. They point out that the...
In 1862, the U.K.’s social contract conditioned people to contribute to society with their earnings in exchange for the advantages and protections the organization provided from its membership in the community. Although technology is progressing, this social contract still hangs around. The U.K. government acknowledged that many U.K. consumers who were not pondering about purchasing crypto...
Cryptocurrency trading platform Crypto.com accidentally transferred $10.5m to an Australian woman when processing a $100 refund, and failed to notice the error for seven months. The company – which paid Hollywood star Matt Damon to feature in a Super Bowl commercial with the slogan “fortune favours the brave” – discovered it had accidentally transferred the fortune to Melbourne woman...
Cryptocurrencies, according to their most ardent supporters, are supposed to supplant nations’ existing currencies and end central banks’ control over the money supply. Instead, individuals will be able to trade with each other in a decentralised, digital financial ecosystem. This is a good thing, they promise, because unlike states and their central banks, technology is incorruptible. Crypto...