FCA Decides Not to Enforce Regulation on Bitcoin

[kreslik.news]

Andrew Bailey, Chief Executive of the UK’s Financial Conduct Authority (FCA), has reached a decision not to regulate Bitcoin. The decision is not indicative of the approval of investments in Bitcoin, despite the statement appearing to give off a positive sentiment regarding the cryptocurrency.

According to the BBC, Mr. Bailey and the FCA classify Bitcoin as a commodity, rather than a currency, as it is not represented by a government or a central bank of any kind. Commodities are not overseen by the FCA, and therefore setting constraints on Bitcoin would technically fall outside its legal responsibilities and jurisdiction.

In order to ... (read more)