The regulatory vacuum surrounding cryptocurrencies such as
Bitcoin is harming their mainstream adoption, according to a number
of Taylor Wessing partners.
Yesterday the UK Government called on the cryptocurrency
community for advice on dealing with virtual currencies, as they
investigate scope for Britain to support these new formats.
Financial services in New York have also suggested introducing a
'bitlicense' in order to try to introduce some
constraints on the process.
However, currencies such as Bitcoin will not gain widespread
acceptance until EU legislation creates a single market standard to
enhance trust and accessibility.
"The world is going digital: countries are looking at the
imposition of 'internet' taxes and we already store many of
our documents in the cloud and access money through our phones.
Although this may seem complicated, we use these technologies
readily enough in our everyday life. What consumers and merchants
want is for transactions to
