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U.K. crypto firms set up self-regulatory body, ECB says bitcoin ‘not our problem’

Bitcoin costs eased off their highs Tuesday as resistance at $nine,000 to the No.1 electronic foreign money held, capping positive aspects around the board.

Once once more, regulatory problems ruled the scoop with the European Central Bank weighing in why bitcoin

BTCUSD, -2.26%

 isn’t their downside, pointing out “it is not the ECB’s responsibility to ban or regulate bitcoin.”

CryptoUK turns into U.Ok. self-regulatory frame of cryptocurrencies

As regulatory problems proceed to stifle enlargement and the integrity of the crypto marketplace, seven U.Ok. corporations have come in combination to shape what they hope will turn into the industry-standard code of habits inside the digital-currency house. The corporate, CryptoUK, comprises various exchanges and buying and selling platforms, together with main electronic change Coinbase.

“The Code of Conduct is at the heart of everything we do. It is not finished. It will be improved and refined, in collaboration with industry, policy makers and others. We hope it can form the blueprint for what a future regulatory framework will look like,” Iqbal V Gandham, chair of CryptoUK, mentioned in a remark.

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ECB: Bitcoin isn’t for us

In a document Tuesday, the ECB seemed to pour chilly water on bitcoin as a viable monetary asset.

In the document, the central financial institution mentioned its issues come with the loss of anything else tangible backing it and its extra volatility. “Bitcoin is a speculative asset. In other words, it is something that you can gamble on to make a profit, but with a risk that you will lose your investment,” the report said.

The ECB joins a long list of central banks and regulatory authorities that continue to weigh in on the concerns they have with bitcoin and other digital assets. Officials in the U.S. have been coy in their bitcoin rhetoric. In November, New York Federal Reserve President William Dudley said the Fed had discussed digital currencies, but added that he was skeptical with coins, saying, “I think it’s really more of a speculative activity.”

Read: Bitcoin’s key problems illustrated by the ECB, in one simple chart

CryptoWatch: Check bitcoin and cryptocurrency prices, performance and market capitalization, in one dashboard


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