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

[TheGuru12]

Quote

 

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

[dmedin]

Seems strange to me how all these restrictions on what people can do is happening under a Tory government.  I thought they were the party of your cherished English liberties and freedoms?

[dmedin]

I mean ... can we not open bank accounts in foreign countries, deposit money there and use it to trade on whatever we want? Or is it only billionaires with access to Tory politicians who can do what they want with their money?

[CharlotteIG]

 

[dmedin]

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