A joint report which has emerged from the desks of the British Business Federation authority, the Venture Capital Fund Novum Insights and the cryptocurrency exchange has hit the government regulations on cryptocurrencies and its related technologies with a backlash, quoting how bad regulations can prove to be worse than no regulations and that the government is simply not doing enough. This adverse reaction comes from various agencies, which find cryptocurrencies having a potentially negative impact upon consumers since it lacks the regulatory framework to keep a check on its transactions.
While efforts have been made in the past to identify how cryptocurrency impacts the economic system of the country, various reports effectively point out that such regulatory framework has been slow to adopt the cryptocurrency ecosystem with the overall economic ecosphere. Nevertheless, the current economic reforms and mandated regulations continue to be seen in a bad light, for their lack of effective reach and shady implications.
This backlash comes from some of the eminent names in the business industry of the United Kingdom, in spite of the fact that the country is home to some of the well-known names in the world of trading, including eToro and exchange Bitstamp.