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Barclays UK observes bitcoin, considers legalization

27 June 2017 10:24, UTC

As the cryptocurrencies gain more and more popularity worldwide, the greatest financial powerhouses cannot ignore it. Thus the idea of Britain adopting bitcoin in the nearest future might not sound impossible after all. Moreover, officials start considering bitcoin as a future currency, alongside with fiat currencies.

Barclays UK starts paying close attention to bitcoin, and the bank’s top management is interested in making the cryptocurrency mainstream. This fact was brought up by Barclays’ UK executive Ashok Vaswani at the fintech conference Money 20/20, which took place in Copenhagen. The main idea of Barclays is to develop a framework in close cooperation with fintech companies and service regulators, in order to make cryptocurrency operations safe, stable and clear.

Barclays’ UK CEO named bitcoin a new area to work with, and to do it carefully. He revealed Bank’s plans to make cryptocurrency demystified for common users and to make it more accessible. According to Mr Vaswani’s words, Barclays UK is in talks with Financial Conduct Authority (FCA) and the fintech representatives on this subject.

Hence one of the greatest financial offices in the UK show interest in cryptocurrency, it is clear that the innovations cannot be cast aside by the officials, who might consider the tech to be a threat to the classical financial institutions.