More and more people are interested in acquiring digital currencies in different parts of the world. Bitcoin is an asset whose value is decreasing lately but still being able to hold the $ 6,200 levels today, and many investors want to start being part of the economic revolution and the opportunities that come with the best-reputed cryptocurrencies today.
At the beginning of August, the Bank of England, the Central Bank of the United Kingdom, reduced its projected growth for the second time in 2017, mainly due to the reaction of the Brexit, or the exit of the United Kingdom from the European Union. Mark Carney, the bank’s governor, stated that the “speed limit” of the British economy has slowed down, and other economic indicators such as job growth have also declined.
On the other hand, recently, the executive director of the Confederation of Employment (REC) of the United Kingdom, Kevin Green, revealed that Brexit has caused a significant decrease in talent and professionals, leaving the UK with too many jobs but not enough workers.
Bitcoin’s growth in Europe
Therefore, the impact of the declining economy of the United Kingdom, the worsening economic indicators and the decline in economic growth forecast by the Bank of England have had a noticeable effect on the British pound, along with the country’s stock markets.
Despite the challenging economy of the United Kingdom, the European Bitcoin Exchange Market has proliferated in recent weeks, taking the bitcoin market in South Korea, the fourth largest bitcoin market outperforms it by one point.
It is evidenced, according to several bitcoin market data providers, such as BraveNewCoin, that Europe accounts for 8 percent of the global bitcoin trade, processing around 70 million dollars in bitcoin transactions on a daily basis.
It’s a reality, the demand for bitcoin from institutional investors, accredited investors, traders and users in the UK and Europe is increasing exponentially, and such a rapid increase in demand is probably caused by an emergence of investors trying to avoid the current economic instability of the United Kingdom, acquiring bitcoin.
New regulations by the EU
Now, after more than a year of negotiations, the states and legislators of the European Union (EU) have agreed this December 15 to toughen the rules on Bitcoin and other digital currencies to prevent money laundering and financing of terrorism through of its platforms, the EU said in a statement.
With these new measures, the EU wants to end the anonymity of transactions with digital currencies. Under the new rules that EU states will formally adopt as national laws in the next 18 months, Bitcoin exchange platforms and providers of digital portfolios with customer cryptocurrency will need to identify the owners of digital currencies.
It is only a matter of time before we get to see the consequences of these measures in the price of Bitcoin and what happens to the regulations in all of Europe.