The UK has had a hard time dealing with things these past few months. But, while the entirety of the world concentrates on Brexit and the way it is going to be affecting the economy, there are parties within the country that consider the way the UK has been approaching cryptocurrencies over the years to be lacking. The National Liberal Party is a controversial far-right party within the country that considers the way the country has been treating cryptos as a way to enable cryptocurrency traders to defraud the country of “billions of pounds”. This is why the party, NLP, has decided to release their own approach to cryptos as a way of boosting their standing among the population.
The tone, the approach, the goal
The NLP released their statement on an approach to cryptocurrencies only just recently and has been met with a lot of controversy from those who know of the industry and those who are alarmed about why the NLP would decide to take such an approach to the technology. The National Liberal Party takes a stance of being incredibly alarmed with what the UK is doing, or in the case of what they are saying, what they are not doing in order to control the cryptocurrencies within the country.
According to NLP, the UK deals with around $25 000 000 000 of daily cryptocurrency trade and, out of all of that money, not a single cent is being regulated by anyone. This is why the party believes that the industry is not regulated enough and needs to be just as regulated like any other financial asset industry. This is why they are calling for the same level of regulation that is seen in terms of financial assets and gambling houses, and are taking the model that is usually can be seen being applied to all of the casinos reload bonus AU here. The call for stricter controls of the industry comes at a time when the conservative government of the country has already stated that they are imposing some strict controls on the industry, as they have. The UK has an interesting and strong framework for how it works with cryptocurrencies, but the NLP finds this to be insufficient.
While there are those who have been captivated by the alarmist tone of the announcement and the proposal to do something in order to create a more comprehensive and strict legislation for the industry, the critics are seeing this as an attempt of NLP to create a political buzz around themselves in order to attract more attention and votes. The alarmism of the announcement, as the critics are saying, is only going to help them create the kind of following they need. The goals of the party might be questionable, but it seems that it is working out in favour of them.
Is this dangerous?
While the announcement may come from a far-right party, it is no simple rhetoric. The NLP announcing that the cryptocurrency industry is not regulated enough might have the kind of repercussions that would be damaging to the industry within the UK altogether. After all, if enough people decide that the NLP is right on this subject, and enough support is shown to the cause, the ruling party might decide to take action on it and adjust certain regulations. The adjustment of the regulations within the UK might be very damaging to the industry as the UK already has certain controls established that already limit the industry. Adding additional rules might cause the industry to slow down much more than it would be healthy for anyone.
While the local cryptocurrency professionals are already seeing and talking about the damage that is caused by the things that the NLP is talking about, certain financial corporations and banks are considering it to be an interesting discussion topic. It would, after all, be beneficial to these companies if cryptocurrencies became easier to control by the state and if the main financial transfer competition to theirs is slowed down from doing its job. After all, if cryptos are just as expensive and just as slow as bank transfers, why would anyone use them at all, right?
Thankfully, the current situation within the UK does not permit a continued discussion of the issue in the same context. At the moment, the UK is fully concentrated on Brexit and the effects it will have on the local economy. The discussion about the cryptocurrency situation within the country will be postponed, for now, to a time when the discussion will not be interfering with one of the most important events in the history of the UK. Although, this might also give the National Liberal Party just enough time in order to gather the popular support needed to make the subject a central point for discussion in the post the Brexit United Kingdom.