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Watchdog Tighten Measures: Investigations Against Bitcoin Firms Raised by 74%

  •  Denis Sinyavskiy
    📰 News

    Over the past 12 months, the regulator has increased the number of investigations into cryptocurrency firms by 74%.

Watchdog Tighten Measures: Investigations Against Bitcoin Firms Raised by 74%
Cover image via www.123rf.com

 

According to The Telegraph, the active popularization of cryptocurrencies has forced the city regulator to significantly intensify investigations into Bitcoin firms.

Paranormal activity

In the past 12 months alone, the Financial Conduct Authority (FCA) has conducted investigations into 87 firms. Compared to the previous year, this number increased by 74%. In the previous period, only 50 cryptocurrency firms were investigated.

Many experts agreed that strengthening the regulatory policy in the cryptocurrency sector is a good sign. Especially considering the fact that interest in digital currencies has risen sharply since 2017, after the explosive growth of Bitcoin, which showed +2000% in less than a year.

Way to the mousetrap

In an attempt to make quick money, many investors lost money on corrections in 2018, and also became victims of scam projects, which ultimately attracted even more attention from regulators. Today, in the legal field of cryptocurrencies, not everything is so simple, but regulatory attempts continue.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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