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John Glen: cryptocurrencies do not pose a threat to the UK economy


According to the statement of the British city minister (supervises the financial services sector), John Glen, cryptocurrencies do not pose a threat to the country's economy and any regulation will only contribute to the development of the Cryptocurrency. John Glen, responsible for the UK financial services sector, said, "the government is trying to find the right approach and a reasonable level of regulation." On Thursday, British Chancellor Philip Hammond announced the creation of a new cryptocurrency unit, which included representatives of the Treasury, the Bank of England and the FSA (Financial Regulator of the country). The created group will deal with "risk management of cryptocurrency assets and extraction of potential benefits".

Over the past year, the cryptocurrency market has grown strongly and reached a capitalization of more than $ 300 billion. Cryptocurrency exchanges turn hundreds of millions of dollars a day, start-ups in this area are collecting billions of dollars and in the wake of this rush, some jurisdictions such as Switzerland and Gibraltar try to regulate this fast-growing market in attempts to snatch their piece.

Glen believes that "the measures to date are primarily an attempt to assess the situation before acting as a government." He expects that the created working group will present the results of its work in the shortest possible time.

According to him, the government realizes that there is great potential in this area, but at the same time it does not pose a threat to the UK economy:

" I've had initial guidance that at the moment the scale of the activity in the UK — cryptocurrency trading, blockchain technology — is not posing any significant risk to the UK economy." 

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