An executive director at the UK’s Financial Conduct Authority (FCA) expressed willingness to work with crypto stakeholders for consumer-friendly regulation.
While speaking at the City Week conference in London, Sarah Pritchard suggested cryptocurrency has grown from being regarded as an “anti-establishment rebellion asset” to something more widespread, known, and appreciated by the masses.
Doubling down on the FCA’s routine warnings, Sarah reiterated that the digital asset is risky and prone to exploitation by organized criminals, necessitating regulations that make cryptocurrencies safer without cutting out all the benefits.
Russia’s plan to launch a no-restrictions payment system is her latest move in her efforts to stop relying on the US dollar. The country’s Finance Minister, Anton Siluanov, revealed the plans to the media as reported by the Russian news outlet, Tass.
“We are launching an alternative system based on modern technologies,” the minister said on Monday.
While he didn’t refer to cryptocurrencies specifically, his wording made it clear that Russia is serious in its plans to innovate with digital currencies.
As if in response to the pro-cryptocurrency moves by Russia and the UK, the crypto market recorded a market cap increase of 2.7% in the last 24 hours. While Ethereum and Litecoin surged by 1.89% and 3.08%, respectively, Bitcoin gained even more, recording a 3.48% price increase over the past day.
The cryptocurrency’s market cap closed around $549 billion for the day while maintaining a 46.39% dominance, an increase of 0.42% in 24 hours.
Bitcoin’s surge may have little to do with Sarah Pritchard’s speech at the City Week conference, but recent favorable reportage about the digital asset is a factor.
Russia’s recent efforts to de-dollarize its economy may also force her to become receptive towards crypto, further cementing the digital asset’s place as a crucial player in the financial market.