UK aims to become center of world for virtual currency

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UK aims to become center of world for virtual currencyWhile some countries attempt to distance themselves from virtual currencies like Bitcoin and Litecoin, other countries are embracing them. The United Kingdom is especially interested in becoming the center of the world for financial technology, and that includes virtual currencies.

UK Chancellor George Osborne announced during a recent event in London that he would like to see the country become the go-to market for any and all finance-related startups. Many of the recent innovations in finance have been virtual currencies, of which there are now dozens.

Osborne says that London is already a major center for technology startups in general, and he thinks using that position to become the center for financial technology is something the UK should be heavily focused on.

The Chancellor also showed a general form of support for virtual currencies by noting that the UK should try and figure out if there is a greater use for them in the economy. According to Osborne, consumers are already fond of alternative payment methods because they are fast and inexpensive.

One of the primary things the UK will be looking at, according to Osborne, is how regulation should be applied to virtual currencies and other financial technologies.

Via [The Next Web]

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