The UK has set out a detailed plan to regulate the crypto industry in the wake of the FTX collapse late last year.
Published today (1 February), the proposals are set to give consumers in the crypto industry confidence in their investments while also allowing the sector to blossom.
Rishi Sunak, the UK prime minister, is largely seen as crypto-friendly by industry experts. The latest move will aim to put the UK's financial sector "at the forefront of cryptoasset technology and innovation" while managing "potential consumer and stability risks".
[...] A consultation has now been launched on the proposals that will last until 30 April 2023. The full set of proposals currently under consultation can be accessed on the UK government website.
Some of the proposals include ensuring customer assets are returned to them in case a crypto business goes bust, laying down fair and just rules on promotion of crypto assets and enhancing data-reporting requirements – including with regulators.
The proposals also seek to implement new regulations that will prevent so-called 'pump and dump' – a practice whereby an individual artificially inflates the value of a crypto asset before selling it.
(Score: 3, Interesting) by PiMuNu on Tuesday February 07, @11:19AM (2 children)
I think this may be the same story, but with a very different take..
https://www.bbc.co.uk/news/technology-64536593 [bbc.co.uk]
"Digital pound likely this decade, Treasury says
A state-backed digital pound is likely to be launched later this decade, according to the Treasury and the Bank of England.
"
The point is, if you move to cashless society, certain big companies can start holding cash without ever returning it to $. It stays forever as "GoogleBucks" and exchange proceeds directly from service to "GoogleBucks" to service without ever becoming $USD. That may enable Evil.
(Score: 2) by kazzie on Tuesday February 07, @06:11PM (1 child)
So this is an attempt to pre-empt this and get people to hold UK-GovBucks instead of a private company's GoogleBucks? That's the first explanation I've seen that provides an understandable motivation.
(Previously I wasn't able to see a benefit of "Digital Sterling" compared with Sterling stored in a bank. Both could be spent online equally easily, etc.)
(Score: 3, Interesting) by PiMuNu on Tuesday February 07, @08:18PM
Also, GoogleBucks Inc can decide that folks are "persona non grata" and ban them from having access to a GoogleCard, which precludes them from many services. The system doesn't care, as these folks are typically low return on investment/high risk/poor profit margin. Nonetheless, shame for the victim if said services include healthcare, food, housing and so on.
Also also GoogleBucks Inc own all of the data on what you spend, which creates a knowledge asymmetry that can be used for Evil purposes.
Turns out that William Gibson had a point. Cyberpunk is coming!