Reports are suggesting that Bitcoin could be boosted as Russians turn to crypto to avoid the West's sanctions on their country. Russian forces are a week into their invasion of Ukraine, and Western leaders have isolated Moscow with hard sanctions, which will have a big impact on the country's economy. Trading data suggests that Russians are increasingly turning to digital assets to avoid the Western sanctions. According to Kaiko, a firm that analyses crypto markets, trading volumes between the Russian rouble and tether, a leading cryptocurrency, hit a record high on Monday.<\/p>\n
Crypto and blockchain technology remains a polarising concept, with critics raising concern about the unregulated nature of assets such as Bitcoin.<\/p>\n
But those who support crypto technology believe it can revolutionise the way markets work for the better.<\/p>\n
Matt Hancock, MP for West Suffolk, has been a vocal voice in Parliament backing the use of crypto.<\/p>\n
Speaking to the Citywire Wealthtech Show on Friday, Mr Hancock argued that other leaders, such as those in the EU have been too restrictive on crypto and Fintech.<\/p>\n
He said: Innovation is the way we build the future of people's prosperity, that is the big picture. I was listening to a debate in Parliament and I thought, 'we need to be more positive, we need to be more energetic'.<\/p>\n
\"These innovations are going to happen, so let's have them happen here. It's that sort of attitude which is the right one for the UK to take.\"<\/p>\n
On the EU's approach to new technologies, he added: \"The EU is clearly moving in this space, and is proposing a regulatory regime which I think is too restrictive.<\/p>\n
\"In buying risk assets, crypto that isn't anchored for instance, we should allow people to buy and trade this stuff. That is a liberal regime.<\/p>\n
\"Yes there needs to be some standards around this stuff, for instance advertising and tackling money laundering.<\/p>\n
\"There is an attitude in some parts of the world and in the UK that we should only let sophisticated investors near this stuff because you can lose money.<\/p>\n
Well, you can lose money buying equities, so let's treat this asset class in a way that is open to investment and allows people to make choices for themselves.\"<\/p>\n
READ MORE:Mum duped out of 80,000 by Facebook lover admits she's 'been a fool'<\/p>\n
In January, one of the EU's leading financial regulators said the EU should ban the energy-intensive system used to mine Bitcoin.<\/p>\n
In an interview with the Financial Times, vice-chair of the European Securities and Markets Authority (ESMA) Erik Theden called for a bloc-wide ban on \"proof of work\" crypto mining, saying the industry's energy usage was becoming a \"national issue\" in his native Sweden.<\/p>\n
He said: \"Bitcoin is now a national issue for Sweden because of the amount of renewable energy devoted to mining.<\/p>\n
\"It would be an irony if the wind power generated on Swedens long coastline would be devoted to Bitcoin mining.\"<\/p>\n
Meanwhile, Mr Hancock told Express.co.uk he would consider investing in Bitcoin.<\/p>\n
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He also argued that the cryptocurrency could play a role in a post-Brexit economy.<\/p>\n
When asked if crypto can play a role in a post-Brexit economy, Mr Hancock said: \"Yes. We now dont have to just take the EUs restrictive regulatory regime and instead can design our own that is more dynamic.\"<\/p>\n
He added: \"Crypto is already here and in use. Its expanding rapidly in the UK and around the world. We dont have a choice as to whether it is happening. The choice we have is how we shape it best to benefit people.<\/p>\n
\"Britain has long prospered by being the home of financial innovation. Hundreds of years ago, we were the first place in the world to establish a central bank.<\/p>\n
\"In the Eighties, we pioneered the eurobond market, and we have been the leading place in the world to trade currency for decades. So it is natural that with a liberal regulatory system we should be the home to cryptocurrencies too.\"<\/p>\n
Express.co.uk does not offer financial advice. The journalists who worked on this story do not own crypto.<\/p>\n
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Read the original here:<\/p>\n
EU's Bitcoin regime 'too restrictive' as Brexit Britain told to capitalise on crypto - Express<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Reports are suggesting that Bitcoin could be boosted as Russians turn to crypto to avoid the West's sanctions on their country. Russian forces are a week into their invasion of Ukraine, and Western leaders have isolated Moscow with hard sanctions, which will have a big impact on the country's economy. Continue reading