A financial supervisor in UK is delaying the regulation on blockchain technology, the technology that bitcoin is built on. The blockchain’s advocate said it has the authority to entirely innovate in financial aid payments for instance. The director of strategy and competition at the FCA (Financial Conduct Authority)
said “The issues regarding officials and clients have to be considered like who authorize access and security information especially with the growing technology. Woolard also mentioned in a speech “the FCA will continue to oversee until the application is manifested|.
Blockchain technology develops a tremendous account book of transactions that is verified and shared by a worldwide network computers. Digital Asset Holdings is a US blockchain technology company got supported from JP Morgan, Deutsche Boerse and others to improve the use of blockchain in financial aid, like trade settlement for example. This will boost the need for modern orders for exchanges and banks to present regulators that able to control danger to the broader financial system.
The European Commission recommend EU Regulation in the financial sector as it will be used to supervise rather than manage blockchain. Woolard’s speech was part of the Fintech (financial technology) events hosted by Britain’s Finance Ministry. Woolard added “The share of the FCA’s transfer is to boost competition and wants companies to meet with the financial supervisor to secure consumer protection.