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An official committee of the Bank of England tasked with monitoring the economy of the UK says it will continue to monitor developments in stablecoins and the financial risks associated with these assets. In a report of its April 4th and April 8th meetings, the Financial Policy Committee (FPC) identifies the risks posed by stablecoins as the market for these stable asset-pegged cryptocurrencies grew in size and activity over the past year. “Greater issuance of sterling offshore stablecoins with inappropriate backing assets, or backing assets on which the risk is poorly managed, could be vulnerable to greater risk of fire-sales of backing assets, with implications for core financial markets in the UK.” The body warns against the dominance of stablecoins backed by foreign currencies, even as the UK and other jurisdictions work on developing regulatory regimes for these assets. “Even with appropriate regulation, greater use of stablecoins denominated in foreign cur...

UK Reform Party leader Nigel Farage once described one of the party’s volunteers who is also a convicted fraudster and the alleged owner of an illegal crypto ATM, as being ‘like a son to me.’   According to the Byline Times, Farage made the comment about financier George Cottrell in 2020. Cottrell, also known as ‘Posh George,’ was caught in an FBI sting operation agreeing to launder £120,000 per month in drug funds. He allegedly threatened to report the fake drug traffickers to the police in an attempt to blackmail them out of 130 bitcoins, then worth $80,000.    Cottrell also faced allegations of owning an illegal crypto ATM machine at a private members club and casino in Montenegro. However, he denies having any financial ties to the casino and company records state a ​​Malaysian accountant from London owns the property.  He was subsequently sentenced to eight months on one count of wire fraud in 2017 and was issued another 20 charges incl...

Legal teams for COPA called three expert witnesses to the stand.  The witnesses on Thursday are Craig Wright’s former coworkers. They testified via video from Australia. Eight days of testimony by Craig Wright in the UK High Court of Justice are complete. On Thursday, attention pivoted to cross-examination of expert witnesses.  Attorneys for the pro-Bitcoin plaintiff, the Crypto Open Patent Alliance (COPA), as well as the pro-BSV defendant, Craig Wright, began calling their opposition’s witnesses to the (virtual) stand. All witnesses from Thursday’s hearing testified via web conference from Australia. COPA members include Coinbase, Kraken, MicroStrategy, Block, and other well-capitalized crypto companies. They are suing Wright, who supports a forked version of BTC trading as BSV, and are hoping to gain an injunction that would prevent him from claiming he wrote or owns the copyright of Bitcoin’s whitepaper. On Thursday, COPA lawyers questioned bioinformatician Ignatius...

Paving the way for digital securities legislation, the UK partners with finance and tech sectors. Pullix, a hybrid exchange, introduces PLX token, “Trade-to-Earn” concept, and a diverse ecosystem. Pullix’s ecosystem includes off-chain order book, lending protocol, and VaultX. In a significant move toward embracing the burgeoning crypto landscape, the UK government has announced plans to partner with financial and tech sectors to establish legislation for digital securities. Concurrently, Pullix, an emerging player in the crypto space, is making waves with its unique approach and ongoing presale. This article delves into the details of the UK’s crypto-friendly initiatives and sheds light on Pullix’s innovative features and tokenomics. UK government’s push for digital securities legislation The United Kingdom, under the leadership of Prime Minister Rishi Sunak, is positioning itself as a hub for the crypto industry. A key d...

British Members of Parliament (MPs) have claimed that crypto has “no intrinsic value and no useful social purpose” while suggesting the space may be better regulated if it’s treated more like gambling.  The comments were made in a new report on regulating crypto in the UK , published on Wednesday by the Treasury Select Committee, a panel of ​​MPs from across the political spectrum. The report claims that regulating retail trading and investment activity in unbacked crypto assets (such as bitcoin and ether) as a financial service, will “create a ‘halo’ effect, leading consumers to believe this activity is safe and protected when it is not.” Instead, the report says UK crypto should be regulated like gambling .  “Unbacked crypto assets have no intrinsic value, and their price volatility exposes consumers to the potential for substantial gains or losses while serving no useful social purpose,” the report reads. “These characteristics more closely resemble gambling than a financ...