QUICK TAKE: Cryptocurrency ‘Coming of Age’
Happy birthday, Bitcoin.
As the eponymous cryptocurrency that started it all turns 10 years old, the UK government’s Cryptoassets Taskforce has released its final report, declaring the cryptocurrency market is “unquestionably coming of age.”
Also, this statement follows the publication on Monday of a report into the crypto sector by the Cryptoassets Taskforce alongside the 2018 UK Budget documentation. The British Chancellor, Philip Hammond, created the Taskforce, which consists of HM Treasury, the Financial Conduct Authority and the Bank of England, in March 2018, with the aim of establishing a clear path to the establishment of the UK’s policy and regulatory approach to cryptoassets and blockchain, the technology that underpins them.
Nigel Green, founder and CEO of deVere Group, an independent financial advisory organization said “traditionalists” who somehow still believe that cryptocurrencies are just a fad could be compared to King Canute who is said to have attempted to command the tides of the sea to go back.
“It’s becoming increasingly clear that cryptocurrencies are the future of money,” Green said. “This is evidenced by Bitcoin, the world’s first cryptocurrency turning 10, and by more and more governments, regulators, financial institutions, and retail and institutional investors, amongst others, appreciating the real and growing demand for digital, global currencies in today’s ever more digitalized and globalized world.”
Green added: “This is also underscored by the UK government Cryptoassets Taskforce’s final report which states that ‘the market is continuing to evolve rapidly’, before adding ‘there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market’.
He said the report’s proactive and pragmatic approach towards regulation of the burgeoning sector should be championed.
“It is a sector in which there is a clear need for a robust international regulatory framework and ongoing supervision in order to further protect both retail and institutional investors, as well as to help tackle illicit activity,” Green said.”
The Taskforce’s report affirmed: “The government, the FCA and the Bank of England will continue to be actively involved in international efforts [on regulation], and the UK will be a thought leader in shaping future regulatory approaches.”
“The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 per cent above its current valuation over the next decade,” Green concluded. “As Bitcoin moves into its second decade and as authorities globally seek to harness the enormous potential of cryptocurrencies, it’s clear the market is, unquestionably, coming of age.”
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