I've been following the development in the UK in line with cryptocurrency for a while now, and I must say that I'm not so happy about most of the things I read. The hypocrisy of that nation is much, they could have just announced to the whole world that they've banned crypto instead of making life difficult for crypto enthusiasts by introducing unfriendly rules and preventing businesses around it by blocking exchanges and other business initiatives with sanctions.
Of course, it's not all their financial institutions, but once the strongest are doing so, how long would it take for more issues to arise?
Why UK banks are blocking transfers to and from crypto exchanges
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.
Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?
The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.
Isn't Rishi someone that's a proponent of the cryptocurrency movement? Why is it that it's still something that's being talked about up till now?
Is the monarchy actively opposing them? What gives?
Crypto in the uk is big business. My website is crypto related and a vast majority of my visitors are coming from uk. I think when given the freedom to choose to use crypto, people will choose it irrespective of the rules and regulations surrounding it. If you google crypto in uk, you will get this result showing you all need to know about crypto in uk.
https://sumsub.com/blog/all-you-need-to-know-about-uk-crypto-regulations-2023-guide/ .
So you mean to say that even with all this shenanigans of "UK going against the concept of crypto" going on, the whole country is pretty much cool with it? well that's good enough and I expect of that cause UK's outright one of the biggest cryptocurrency movers in the whole planet, and all this time I thought everything was going fine and dandy there cause Rishi's a cryptocurrency proponent and I had hoped his sentiments trickled down to the rest of the country but as it sounds today it feels like everyone in the upper echelons of the UK government is dogging on it.