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Is the UK Government finally opening up to cryptocurrency adoption?

  • 07 Apr, 2022
Is the UK Government finally opening up to cryptocurrency adoption?

One of the aspects of cryptocurrency that is taking its time to progress with the rest of the growth within the crypto market is adoption.

Many countries’ governing bodies are extremely cautious of cryptocurrency due to its volatility and anonymity. However, this week the UK government made its first positive progress toward cryptocurrency adoption.

The UK Government announced that it is officially looking into the relaxation of crypto regulations and the adoption of stablecoins as a payment method.

For years there have been a number of businesses that have adopted cryptocurrency as a payment method, this has been growing rapidly over the past 2 years in particular with the rise of the crypto market during the global pandemic.

The significant increase in awareness and adoption of cryptocurrency, thanks to the mass increase in digital spending, caused many major cryptocurrencies such as Bitcoin and Ethereum to rapidly increase in value. This then turned the heads of many businesses as well as individual investors. The number of cryptocurrencies and crypto wallets has more than doubled over the last 2 years.

Some countries have been more open to cryptocurrency than others though. Countries such as El Salvador are amongst the first to take crypto seriously from a government standpoint.

The UK is now making a point to look into its regulations on cryptocurrency, with a particular focus on allowing stablecoins to become a recognised payment method.

The UK said that it believes stablecoins "could provide a more efficient means of payment and wider consumer choice". CoinMarketCap

Chancellor of the Exchequer in the UK Government, Rishi Sunak said:

“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country. We want to see the businesses of tomorrow – and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.” GOV.UK

This is extremely positive news for AutoCoinCars! Whilst we have been steadily growing over the past 4 years, a decision like this from the government will help us to prove just how essential cryptocurrency payments is going to be for the economy, and for businesses and individuals alike.

Co-Founder of AutoCoinCars Luke Willmott is thrilled by this announcement, he said:

“It is very encouraging to see the UK government is making the right decisions to endorse our vision for the future of payments, especially in the space of crypto payments. We at AutoCoinCars have always been optimistic about the future of cryptocurrency. This announcement proves to us that our voices and our vision is being heard and that global adoption is coming for crypto.”

AutoCoinCars has always believed that cryptocurrency is “the future of payments” which has been our reality, not future, since 2018. It is so groundbreaking to finally see a positive standpoint from the UK government on cryptocurrency.

Every day we are selling vehicles for cryptocurrency, our team is picking up the phone on a daily basis encouraging more car dealerships to partner with us to be a part of this futuristic movement that is cryptocurrency payments.

Rishi Sunak also said:

“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.” GOV.UK

Innovation and cryptocurrency technology is our bread and butter, it is our everyday lives and way of thinking and operating here at AutoCoinCars. Whilst we have only been trading since 2018, our Co-Founders have been personally invested in cryptocurrency for years before the business came to be.

To finally see progress from the government on cryptocurrency is encouraging and has inspired every one of our team and has given us a real boost knowing that we are true and right to be fighting for the future of payments to involve cryptocurrency.

If you are a car dealership in the UK and the recent news has inspired you to get your business involved with the cryptocurrency movement then contact us today to find out more about how we can help you accept cryptocurrency payments!

 

*Image resource - The Times

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