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Britain's Financial Conduct Authority Bans Products That Track Cryptocurrency Prices


TheGuru12

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The war against Bitcoin going mainstream just took a big step forward in Britain.

That's because on Tuesday, Britain's main financial watchdog said it would going to ban the sale of products that track the price of cryptocurrencies because, according to Reuters, "most people lose money on them".

The Financial Conduct Authority said there is "no reliable basis for valuing cryptoassets" that act as the underlying for derivatives and exchange-traded notes. 

The FCA had already alluded to the idea in a public consultation on the industry last year and the regulator claims it the ban will save retail investors $69 million. The ban is scheduled to take effect on January 6, 2021. 

 

https://www.zerohedge.com/crypto/britains-financial-conduct-authority-bans-products-track-cryptocurrency-prices

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Looks like Britain is going to turn into an authoritarian little island after Brexit, like Singapore.  Don't all those rich English blokes living over there talk about how wonderful it is to be surrounded by extravagant wealth and cheap and obedient slaves, I mean workers :D 

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