Britain will focus on regulating stable currencies

UK Financial Services Secretary John Glen said today that Britain will focus first on regulating stable currencies rather than the broader cryptocurrency market, citing the threat to competition if any major private effort dominates the emerging field. "We need to manage competition risks," Glenn added at the City and Financial conference.

"There is a possibility for some companies to quickly achieve dominance and crowd out other players due to their ability to expand and connect to existing services on the Internet." "We believe the issue of intervention in the broader cryptocurrency markets is less urgent immediately," Glenn said. "Here we have an opportunity that is only repeated once in every generation to make strides in the efficiency of financial services and ultimately benefit consumers and the economy as a whole."