UK vs United States: Financial Technology Liberalization vs Enhanced Regulation


nnnIn the United States, many law enforcement activities through banking and other financial means to achieve, so anonymous encrypted currency may bring some bad influence to the United States. So the US federal government decided to strengthen regulation, although this is not the view of each state and city. While the British government believes that the encrypted currency can make the payment system diversified, the risk is smaller, so contribute to financial stability.n
nnTranslation: Annie_Xun
nEncrypted currency and block chain technology policy as the basis, the UK will be released to the encrypted currency, the United States hopes to further strengthen supervision.n
nThe World Bank estimates that the remittance market in 2016 is $ 429 billion. Mostly from immigrants to the motherland remittances, basically through the traditional banks, P2P systems and other non-bank payment system to complete.n
nIn order to take advantage of this growing industry, the UK explores the way in which interbank payments are made to integrate Bitcoin to encourage further liberalization of P2P systems. And thus explore the formal use of encrypted currency method to test the Ripple (Ripple) block chain technology in cross-border payment applications.n
nBritain and the United States to deal with emerging financial technology companies of different attitudesn
nBanking and British government initiatives keep pace with the times. At the same time, on the other side of the Atlantic, US regulators learned the lessons of the last Great Depression and Patriot Act, trying to find a way to further regulate this new trend.n
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nThe United States behind?n
nThe Bitcoin Foundation warns that the US may lag behind the US banking system after its use in encrypted currencies and other point-to-point banking models.n
nThis statement is not entirely unfounded, anonymous encrypted currency transactions may lead to money laundering, and all forms of law enforcement in the United States through bank and capital flows, it is easy to understand the use of digital assets to the United States.n
nThe Uniform Law Commission convened a meeting in San Diego to introduce the draft Uniform Regulation of the Virtual Currency Businesses Act, even though many cities and states thought it would be useful to not regulate the virtual currency. The US federal government seems to have decided to take a different attitude.n
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nBritain is more merciful to financial technologyn
nWhile the UK’s new system will give financial technology companies more freedom, so that they can compete in the global arena.n
nMark Carney, president of the Bank of England, said the move would help:n
nn”Support financial stability through greater diversification and lower risk payment technology.”n
nnBOE believes that it is beneficial to provide competitive opportunities for traditional banks, not just for the financial technology industry, but for the entire banking industry.n

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