In order to bring the vast network of cryptocurrency under control, which resembles more like “Wild West”, British lawmakers have called for stringent regulations. As per one of the reports on digital currencies, this step is taken to protect consumer interest and prevent money laundering. The lawmakers have pinpointed that due to the sudden rise in popularity, cryptocurrencies are used to carry out fraudulent activities and even fund terrorist organizations.
Arguing further, the lawmakers have accused the British government of not taking a clear stand on cryptocurrency regulation. They went further and said that due to the absence of proper guidelines the investors in this domain have been left open to risks encircling volatile prices and hacking vulnerabilities.
In conclusion, the lawmakers are demanding better control on the crypto-asset exchanges and initial coin offering, which is used to raise money, in order to tap into the enormous money transfer network.