The UK
Government Calls For Information On CryptoCurrencies
LEOCoin recently contributed its thoughts to the
Government’s ‘Call for Information’ on the proposed regulation of digital
currencies, which closed on December 3rd 2014. The consultation received nearly
a hundred responses which shows just how interested people are in the subject.
Currently there are few regulations imposed on cryptocurrencies, other than
standard money laundering regulations.
LEOCoin supports the development of steps that can be taken
to create more confidence within the mainstream population. But overzealous
intervention could dissolve the core benefits of cryptocurrencies, namely
privacy, security, low to no fees and free marketability. In an extreme case,
it could restrict legitimate business and create another black market.
The entire cryptocurrency ecosystem, both legal and
otherwise, is evolving so quickly that legislators are now preparing to make
rules for circumstances that have no precedent. Cryptocurrencies require a
whole new way of thinking, and a much more flexible approach from governments.
It is important to allow precedent to develop legally within the free market
framework – rather than detour the course of cryptocurrencies in their infancy.
As we prepare for the public launch of LEOCoin in a couple
of months’ time, we hope the UK
Let’s Be The Part Of Largest CryptoCurrency
