UK Government to create Bitcoin Exchange

[the founder]

http://www.adaptiveglass.com/?p=760

[cypherdoc]

Nice link

[johnblaze]

that link is retarded, and so is this thread for reporting it as if it is noteworthy

actual quote:

"Also under consideration was the idea of creating a regulated exchange..."

article's conclusion:

"the United Kingdom is in the process of setting up their own Government regulated Bitcoin exchange."

fail

[yocko06]

that link is retarded, and so is this thread for reporting it as if it is noteworthy

actual quote:

"Also under consideration was the idea of creating a regulated exchange..."

article's conclusion:

"the United Kingdom is in the process of setting up their own Government regulated Bitcoin exchange."

fail

i think more to the point is the government have excepted bitcoin.. this is a good thing and i am glad i read this. your post was just a post for the sake of posting

[FlappySocks]

http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2THTHmJC7

^^Much better story from the FT.

[btceic]

http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2THTHmJC7

^^Much better story from the FT.

Also under consideration was the idea of creating a regulated exchange, which would be the world’s first. Such an entity would go some way to addressing concerns about criminality by requiring users to provide proof of identity. An unregulated exchange was set up in London in 2011 but closed a year later after its bank account was shut down.

[JackH]

This is kinda jaw dropping if it happens. This will actually solidify Bitcoin as a real currency/commodity and finally give us a playing field of exchanging fiat QUICK and easy to real money. (for those that still dont know what real money is, then the magic answer is Bitcoin) 

[BitshireHashaway]

Woohoo, goodthing governments are taking action to help make bitcoins more popular.

[omgitsmehehe]

Woohoo, goodthing governments are taking action to help make bitcoins more popular.

It is in their best interest so they can tax it....

I hope people never use exchanges run by gov's. You know... the people who quite literally control your monetary assets? Why let them take your bitcoins too?

[FlappySocks]

You can bet regulated exchanges wont be as cheap to use as the existing unregulated ones.

Still, it will be a good thing overall.

[JackH]

This is an amazing thing! Why you ask? Because all those that dream regulation will finally get into Bitcoin. That is HSBC, Barclays and hedge funds with billions behind them. Say hello to the bankers, they are our best friends to help us destroy their old world, lol

[cypherdoc]

that's really bullish if the UK is actually considering starting a Bitcoin exchange, regulated or not.

[FlappySocks]

Interesting times ahead.  At least the government don't appear to be naive enough to think they can ban bitcoin.
The genie is out of the bottle, so better to embrace it. Question is, how long before it becomes law.

[aquarius]

sooo.. when are the British people going to start regulating their government into non-existence?

[Welsh]

It's interesting on how they would go by this, I would like to ask who would actually use a regulated run exchange?
Would people prefer to use other non regulated or not?

[FlappySocks]

A regulated exchange, not a government exchange.  Same way banks are.

[lunarboy]

Just speculation, but if the Brits have seen the chink in out armour, they may attempt to build or just endorse a HMS -UK exchange. Presumably followed by a heavy crack down on (read: regulate into oblivion) all other exchanges, perhaps blocking or restricting any international exchanges.

ID verification to enter unique accounts and hence the potential to claim tax of wealth leaving the system.  

-- you bought 200BTC last year sir ... where are they now? because you've not been paying your capital gains tax.

Obviously this would be highly negative in terms of liberty,  but it would be a massive boost if not the final straw in terms of legitimacy

'Times 03/Jan/2015 Chancellor on brink of adopting Bitcoin as official currency for UK banks ...'  

[wedgy2k]

http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2THTHmJC7

^^Much better story from the FT.

Good article, I think they have to jump and get involved as the numbers involved demonstrates that BTC is not going away. The London Stock exchange is one of the premier exchanges globally, so why not enhance London's reputation for commerce with a "licensed" exchange.
Yes the tax returns etc will be tiresome but, "we all must die......and pay tax"

[IdiotHole]

What advantages would a regulated exchange offer to the consumer over the current Gox/Bitstamp/etc?

[wedgy2k]

What advantages would a regulated exchange offer to the consumer over the current Gox/Bitstamp/etc?

I'm no expert and I'm just expressing an opinion, but credible large money business would use a "Licensed" exchange.
Gox/Bitstamp would still survive nicely esp for the original reasons of unregulated anonymity. (Us filthy TAX Dodgers)