UK vs. US: Liberalization of Fintech vs. More Regulation

 Based on the policies involving cryptocurrencies and Blockchain technologies, UK moves to liberalization of cryptocurrencies while the US looks into more regulations.The World Bank estimates $429 bln of remittance market in 2016. This is mostly from migrants sending remittances to their home nations,  mostly done through traditional banks and other non-bank payment systems, and P2P systems.To leverage this growing industry, the UK is finding ways to integrate Britain’s interbank payments and encourage further liberalization of P2P systems. Consequently, It is exploring ways to officially integrate cryptocurrency, testing Ripple’s Blockchain technology for cross-border payments.Meanwhile, Britain's new system will give fintech corporations more freedom allowing them to compete on the world stage.Bank of England Governor Mark Carney said in a statement that this move will help:“Support financial stability through greater diversity and risk-reducing payment technologies."BOE believes that providing competition to traditional banks will be beneficial, not only to the fintech industry but the banking industry as a whole. 

The author of the article   Joshua Althauser  https://cointelegraph.com/authors/joshua_althauser

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