(PDF) An Analysis of Cryptocurrency, Bitcoin, and the Future

Table of Contents
TITLE............................................................................................................................................................2
INTRODUCTION...........................................................................................................................................2
OBJECTIVES..................................................................................................................................................3
LITERATURE REVIEW....................................................................................................................................4
REFERENCES..............................................................................................................................................14

TITLE
“An exploration of the key issues surrounding the acceptance of Cryptocurrency in
UK”
INTRODUCTION
Overview:
This research establishes to explore the degree of acceptance and its related issues in
the UK. With the advent of technology, recent years have observed disruptive innovations in
wide variety of sectors such as hospitality, logistics as well as data analytics. It is interesting
to note that, in present-day-scenario, only 8 percent of the world's money comprises physical
notes while majority of the transactions are constituent of digital sources such as credit or
debit cards and payment applications among others. One such concept relates to
cryptocurrency. Since time immemorial, every era or dynasty minted their own coins for the
purpose of conducting financial transactions in a manner which could be easily measured. In
recent years, virtual currency has gained immense prominence and stirred up controversy all
around the world. One can define this virtual currency as a digital asset which is developed to
facilitate the exchange of commodities in return for definite units of cryptocurrencies. One of
its main features is that it is decentralised in nature. Thus, it is not backed by a central bank or
federal authority who has the power to determine the way it would be circulated within a
particular economy. This is a crucial piece of information since the world's cash reserves are
valued based on Gold Standards.
Background:
Crypto-currency is a digital asset that follows the rules of cryptography to conduct
financial transactions in a secured and highly controlled environment. It includes utilisation
of encryption techniques which help in regulation in terms of units generated and funds
transferred from one point to another. One of the key features of this concept is that those are
difficult to counterfeit. With no central authority to regulate its circulation, cryptocurrency
has proven to be a highly decentralised medium of exchange for its users. These decentralised
systems are mainly based on a technology known as 'Block-chain' which acts as a ledger for
all the transactions that are engaged into by using this currency.
Blockchain can be defined as a technology that includes a chain of blocks (Gainsbury,
and Blaszczynski, 2017). These blocks are a digital piece of information which detail the
date, time and amount regarding the last transaction that a user is engaged in using
cryptocurrency. Thus, place of transaction as well as one's digital signature is recorded

through this technology. It is important to note that each block contains a unique code known
as 'hash' which enables one to distinguish between two or more blocks.
Nowadays, there are many countries where crypto-currency has been accepted and
recognised as a valid source from transactional perspective. In the context of UK, there is no
specific regulation governing crypto-currency trades. However, the government has not
awarded this asset the status of valid currency although HMRC (Her Majesty's Revenue and
Customs) has added certain clauses regarding the tax treatment of such virtual assets,
specifically relating to the Capital Gains Taxes.
Research Aim:
“To explore the key issues surrounding the acceptance of crypto currency in UK”
OBJECTIVES
 To understand the Concept of Crypto-currency and Block-chain.
 To ascertain main differences between Crypto-currency and existing Banking and
Regulations in UK.
 To explore key issues related to the acceptance of Crypto-currency in UK.
 To ascertain suitable ways to overcome issues related to Crypto-currency's acceptance
in UK.
Research Questions:
 What do the concepts of Crypto-currency and Block-chain entail?
 What are the main differences between Crypto-currency and existing Banking and
Regulations in UK?
 Why Crypto-currency is not widely accepted in UK?
 In what ways can issues related to Crypto-currency's acceptance in UK be resolved?

LITERATURE REVIEW
Literature review is one of the important sections of a research project whereby the
research indulges in to deep research over the research topic and present different views,
perceptions, opinions and statement given by different people which precisely includes writer
of books, articles and authors. All the reference for the research material is taken from the
books, journals and articles written by authentic writers and authors who have conducted
research in this direction. For the present research project, the research has been carried out
over the research topic of exploring the key issues surrounding the acceptance of crypto
currency in UK, which presenting its concept, legal regulation and issues related with its
acceptance by presenting both favouring and contradictory points.
I: Understanding the concept of Crypto currency
According to Swan (2015), the concept of Blockchain is considered as the 'internet of
individuals'. With an ever-growing increasing demand of innovative solutions to trivial
problems, the 'internet of things' has become a widespread phenomenon which is expected to
expand to 26 billion devices and $1.9 trillion economy by 2020 (Scott,2016). In order to meet
these needs, a corresponding currency is required to be formulated which is considered to
enable its users to manage their financial transactions in a secured and efficient manner. This
concept is known as 'Internet of Money' according to (Fanning and Centers, 2016) which is
essentially related to the concept of 'Crypto-currency'. Birch (2015) seem to have observed
that the introduction of this digital asset would provide a transition from universal credit to a
more value and community-based world of currencies.
Iwamura Mitsuru, (2014) assert that there are many differences between the crypto-
currency and banking systems when it comes to their mechanisms. One of the main
demarcations between the two is that one is centralised while the other is decentralised.
Whereas another important distinguishing feature is the level of volatility recorded among the
two. While existing currencies, known as 'fiat money', are heavily controlled by central
government, the digital asset is not governed by any such authority. Thus, it records more
volatility in comparison to existing currencies. As a result, it can be said that due to its
instability, acceptance of such a medium of exchange is quite controversial.
Choo (2015) states that due to no legal authority, governing the mechanisms of
Crypto-currency is more prone to illicit activities such as corruption, money laundering,
terrorism financing risks. This is possible since there is no evidence of transaction once the

blockchain is updated, thus, making it difficult for the government to ascertain accurately the
source of such activities.
Moreover, Danezis and Meiklejohn (2015) asserts that introduction of centrally
managed crypto-currency can help in eliminating the limitations of such assets and enable the
public to enjoy all the benefits that such mediums have to offer in a sustainable manner.
Under this framework, the central government would retain complete control over its supply
in the economy and rely on different sets of authorities to keep a check on double-spending
problem. As a result, wasteful hashing would be eliminated along with scalable systems
which result in causing the double spending issue from the get-go.
In accordance to Benoist (2018), the global economy is moving towards the digital
eco system in an inevitable manner. This includes investment of the money and transfer of
money as well where everything is going paperless. In this direction, one of the latest
technology developments as extension to the digital payments sector can be seen
cryptocurrencies. It can be defined Eyal, (2017) as a medium of exchange of the currency by
the investors towards investing in a specific currency but the same is designated for the
purpose of digital information’s exchange. This is form of money’s decentralisation in a
digital or a virtual way which uses the security of cryptography for making it difficult for
counterfeit. This is not issued by the national government, it cannot take it away from the
users.
On the other hand, according to Naheem, (2018), cryptocurrency seem to be created
with all confirmed transactions sorted in as public ledger. The identities of all the coins
owners are encrypted for ensuring the legitimacy of the record keeping. Terms like the
blockchain where all the records are kept through minor pods and its encryption are too
difficult to use which makes this form of money investing safer and there are lesser chances
of losing it as the data is protected by the use of cryptography and working of the blockchain
mechanism. The identity of all the coins are encrypted for ensuring the legality of all the data
recording as the currency is being decentralized when the individual owns it, nether
government nor bank have a right over such currency.
Also, based at Abdullah and Mohd Nor, (2018) , the recording of the coins under the
cryptocurrency mechanism, seems to be done through use of the blockchain’s ledger which
ensures that the transaction between the digital wallets are able to calculate an accurate
balance. The public ledgers are also termed as blockchain. This technology assists the users
of cryptocurrency in ensuring the security of their digital transaction information through
encryption and smart contract. This means the entity virtualize unbackable and void of fraud.

With the security of block chain technology this form of digital transaction is made more
secured and lesser accessible to unauthorised bodies. The wealthy countries are exploring
more opportunities under this by adoption of the cryptocurrency as a legal trading device for
investment and selling them.
Conversely, it is stated by Chuen, Guo and Wang, (2017) that one of the
disadvantages related to cryptocurrency is the price volatility which is related with lack of
inheritance of the inherent value which is one of the major problems associated with this
digital transaction of money. It is referred that cryptocurrency is a bubble which can burst any
time leading many people under loss and without leaving any traces of being tracked. The
cryptocurrency is not related to any tangible or intangible asset of a person directly or
indirectly and its increased adoption is directly increased due to the confidence of consumers
which decreased the volatility but without pointing out the risk associated with it.
However, Raed Karren Kanaan (2019), seems to have stated that the bitcoin is a form
of crypto currency which was started back in 2009 and uses the blockchain technology and its
outperformed gold generating a 155% annualised gain over gold's 6% annualised lose over
the last 5 years (5 Reasons why you should go for cryptocurrency, 2019). The prices of
bitcoin were minimal in 2010 and their worth was more than 400% if sold after holding for a
specified time. Major banking institutions and technology companies such as Intel, Barclays
or Walmart have invested their time and money into the promise of cryptocurrencies like
Bitcoin and Ethereum. This has led to countries with weakening currencies to adopt digital
currency to take the place of traditional notes that have depreciated. Some of these early
adopter countries include Brazil, Colombia, Turkey and Venezuela.
On the other hand, it is stated by Sadouskaya, (2017) that using cryptocurrency is not
always beneficial to a user as it includes many disadvantages of dealing. This includes to be
explored to a big scam and fraud which can be left undetected due to the use of blockchain
technology where no transaction can be traced by a government or national authorities. Also
there are chances of being black marketing activity which may damage the national economy
due to increase in the liquidity in them to more availability of funds with the people of nation
which can result in crashing of an economy which happened in 2009 after the burst of the
housing bubble leading the global economy to recession and taking down the economy of US
and UK (How the housing market affects the economy, 2019).
However, Fuenfrocken and Schulz, (2016) stated that in the ancient times the
commodities that were essential for the daily living, were considered to be money, livestock
and objects, which were traded among the micro economics then the modernisation of the

society and urban cities brought the need of tracking the money and its value across the legal
territories of the funds which resulted in generation of paper and coin money issued by the
government. Now the time have changed, and an invention came along in the money markets
in the name of cryptocurrency. It made people eligible to buy and sell anything virtually in
any part of the world.
In accordance to the views of Serapiglia, Serapiglia, and McIntyre, (2015)
cryptocurrency is an internet based medium of exchange where the functions of
cartographically technology is being used for conducting and operating the financial
transactions. The leverage that is get by cryptocurrency is by the use of blockchain
technology for gaining transparency and immutability over decentralization of currency of a
nation or whole of the global economy. The most importance feature of this is that is not
operated by a centralised body or authority, so there are no legal requirements or papers
required to be prepared presented for trading and dealing in cryptocurrency.
On the other hand, it is stated by Botos, (2017) that the potential barrier for
cryptocurrency is of mass adoption and it is logical that with all the potential barriers to mass
adoption, it is logical that experienced investors like Warren Buffet choose to err on the safe
side of this technology. And yet, it is known that cryptocurrencies and the use of blockchain
technology can stay for long. They offer too many advantages that consumers seek in a
currency today; decentralization, transparency, and flexibility being chief among these.
Expanding the discussion to everything that blockchain can accomplish across numerous
industries doubly reinforces this point.
II: Ascertainment of main differences between Crypto-currency and existing Banking
and Regulations in UK.
As per the views of Alsenaidy and Alsafdi, (2019), the legal and policy landscape
surrounding cryptocurrency differs around the world. Over this matter, 130 countries
including all European nations have made more or less guidelines and policies to regulate the
money markets under digitization through cryptocurrency. One aspect related with the fast-
growing cryptocurrency market, is the liquidity of terms which are used for describing the
various products falling in ambit of cryptocurrency (Anderson, 2018). The different types,
which are generally known as “cryptocurrencies” are similar in such a way that, they are
mainly based on the similar type of decentralized technology which is known as blockchain
with built-in encryptions. The usage of the terminology for describing them differs highly
from one territory to another. Some terms used by countries for referring cryptocurrency have
inclusion of, virtual commodity (Canada, China, Taiwan) digital currency (Argentina,

Thailand, and Australia), payment token (Switzerland), crypto-token (Germany), cyber
currency (Italy and Lebanon), virtual asset (Honduras and Mexico) and electronic currency
(Colombia and Lebanon).
On the other hand, it is stated by de Meijer, (2016) that the approach of the United
Kingdom over cryptocurrency regulations have been measured altogether with the UK’s laws
over cryptocurrency. UK does not have specific laws for cryptocurrency, and they are
considered illegal for exchanges and tender with requirements of registration. A brief note by
Lansky, (2018) has been issued by HMRC over treatment of the tax on cryptocurrencies, it
has also stated that there is a unique identity which means they cannot be compared to
modern payments or investments, and their (cryptocurrency) taxability has a dependency on
parties involved and the activities. Profits or losses over cryptocurrencies are subject to
capital gains tax.
However, it is stated by Girasa, (2018) for the exchange of the cryptocurrency in the
UK basically a registration required with the FCA, financial conduct authority of the nation.
Also, some of businesses dealing in cryptocurrency have taken e-licences. There is not
specific provision related to the exchange and the guidelines are given by financial conduct
authority, that put emphasis in the organisation’s dealing with cryptocurrency that falls under
the exciting regulation for derivative of FCA like the options and futures which require
authorization. This means FCA is on the legal side of the nation treating it as a comity and
dealing in with certain tangible and intelligible assets directly of indicators to make it more
authentic and reliable for the government of UK.
As far as it is concerned, based on Roos, (2015) appears to have mentioned that in
2018 the governor of the bank of England have revealed, that the targets over the making
regulation on the cryptocurrency and its operation in UK, are on horizon and about to be
implemented. Parliamentary inquires are going on and the FCA is working along with the
bank of England and UK’s treasure in order to develop a strategy to deal with the risk
associated with cryptocurrency. A special focus is put on anti-money laundering and
countering financing of terrorism and the financial stability of the nation. This means that
strict guidelines have been set up and amount to be implemented over the trading of
cryptocurrency in order to mitigate the risk associated with it such as scam, fraud, acts of
anti-money laundering and financing of terrorism.
On the other hand, it is stated by Bendell, (2017) that the asset’s high volatility of
cryptocurrency, makes it challenging for the market to understand these currencies for being
a stable way of payment for the future transactions. Still the government has a fear that a rise

of the cryptocurrencies might lead to many cross-border’s investigations with a potential to
introduce their own digital currency. The purpose for investigating all the measures is due to
controlling of governments order for currencies and in return the uses of the central banks for
determination of monetary policy over determination of economic influence. The control over
currency was lost to hand of non-government bodies who created their own currencies having
implications on financial policy and financial intermediation. This lead the government of
UK to make strict law and compliance guidelines over regulation of crypto currencies.
The Shillito’s view (2019)on crypto currencies seem to be related with the fact of
being accepted as a valid mode of payment. In some places such as Swiss, Ticino, etc. those
are also accepted by the government agencies as a valid mean of payment. In addition to this,
in Mexico, and Isle of Man, the crypto currencies are even accepted as a national source of
payment or national currency. Further on this Xu, (2018) says that due to decision given by
the justice count of Europe, those who make investments in crypto currency are not needed to
pay any type of value added tax to the European union member states. The amount of gains
from the investments made in the crypto currency are also exempt from tax. Along with this,
as per the regulations of the English legal system, mining of crypto currency is also exempted
from tax.
Further, Wheatley Spencer., (2019) appears to have stated that the crypto currency is
different from other banking factors or sources of payment. The UK’s regulation contains
separate rules and regulations for crypto currency. Trading of crypto currency are needed to
be done as per the rules mentioned in the crypto currency regulations of UK. Although, in the
English legal system, the crypto currency regulations are not considered as legal tenders or
set of exchange requirements. Moreover, Clements, (2018) has mentioned that regulations
developed in the UK for crypto currency resulted in providing different and unique identity to
these currencies within the country. In addition to this, it also provides rules regarding
development of different tax treatments for trading in these currencies.
Moreover, McGill, Sauter and Barnes, (2018) seem to have stated that along with
crypto currency, there are also some different currencies traded in the financial market of UK.
These currencies are developed by the authorised monitory authorities of the country. In the
meantime, these authorities have also developed digital currency to be traded within the
financial market of the country. It helps all the individuals, banks, companies and other
corporations to store a value of money and trade the money via digital mode which could lead
in implementation of more financial stability across the country. On the other hand,
Mangano, (2018) stated that crypto currency is a kind of digital currency that uses different

technologies to be traded and regulated across the country. The regulations and laws
developed for monitoring and control of the crypto currency resulted in making the crypto
currency separate and independent from the central banks. Hence, these currencies are
characterised as a speculative instrument of the financial and money market of the country.
According to the views of Williams and Humphries, (2019) Bitcoin is a type of crypto
currency that is being traded all over the world. As per the banking regulations, these can be
directly bought or sold in the financial and money market in all over the world. Furthermore,
Bitcoins are being accepted as a legislative source of funds. Due to its trading in a large
number, the Bitcoin resulted in developing as a medium of exchange in the monitory market.
On this, Anthony Das, Prasad and Sadique, (2018) seem to have stated that Ripple is also one
among the mostly traded crypto currency. It allowed several financial and banking
institutions to settle down the payments relating to cross border transactions. It became a
cheaper and faster way of financial settlement and bridging the currency among several
financial and banking institutions as well.
Based in the view of Yuksel, (2018) the crypto currencies are not covered under the
regulations and rules governed by the central government as these are neither issued by the
foreign central bank, and the crypto currency cannot be considered as a foreign currency to be
traded in all over the world. Thus, these currencies are also not covered under the security
provisions of organic law of the central bank. Thus, it can be stated that, trading in the crypto
currency increases the risk of financial uncertainties for the parties involved in the trading.
On the other hand, Herian, (2018) seems to have mentioned that no central government in all
over the world regulates, monitors or controls any trading of the crypto currency all over the
world. In addition, it cannot be transacted through National System of Electronic Payment
(SINPE) thus, it can be said that if any individual or institute or any corporate trades with the
crypto currency, or directly or indirectly becomes part of the transaction made regarding
exchange of crypto currency, they cannot make themselves safe from any banking
regulations. Therefore, these types of transactions enhances the risks and responsibilities of
traders. The statement of Schulz, (2016) further added that obligations imposed by the
prudential rules, laws and regulations for the purpose of prevention from the money
laundering and terrorism based on the unethical financial activities can be increased with the
trading of crypto currency. It may result in imposition of responsibility of the financial
institutions of the country to formulate effective policies and plans in order to make required
risk analysis of latest technology used for the transactions of crypto currency.
III: Key issues related to the acceptance of Crypto-currency in UK

Based on the view of Lin and Liao (2017), crypto-currency faces a major challenge
which is related to currency. The author seems to assert that although the transactions
involving crypto-currency are entirely transparent but the people who are involved in such
transactions, just like cash transactions cannot be easily tracked or identified. This is the
reason that large number of cases relating fraud are reported in the bitcoin economy. For
dealing with the issue of transparency, Financial Crime Enforcement Network (FinCEN) has
set out and issued certain guidelines regarding the use of virtual currencies. European
Commission has proposed to include the issue of crypto-currency in their Fourth Anti-
Laundering Directive (Kethineni and Cao, 2019).
On the other hand, Conti, Mauro, (2018) seems to claim that biggest challenge
regarding the acceptance of crypto-currency is the technological complexity that is involved
in such virtual currency. The author states that, most of the people are not aware of such
currencies or monetary concept or even if they are aware of such concept, they do not
understand it entirely due to technological complexities. There are cases where technology
involving bitcoin and this virtual currency has resulted into halted transactions which in turn
allows for inappropriate virtual currency transactions. For instance, due to the loopholes in
the technology associated with crypto-currency, same bitcoins were used for making two
different transactions. However, Mokhtarian and Lindgren (2018) seem to disagree with the
views of above author and claim that, although there are technology complexities that are
associated with such crypto-currency, the laws and regulations relating to technology are
highly unclear and vague. This one is considered as a major challenge related to the
acceptance of crypto-currency by the author. It articulates by Cumming, Johan, and Pant, ,
(2019) that there is lack of adequate legal procedures and policies for dealing with the cyber
and other technologies related to crypto-currency’s crimes which could help in attaining the
confidence of the people so that they can invest their money in this virtual currency market.
According to Dai Fangfang ,(2017), there seem to be ethical concerns which are
related with the crypto-currencies. The author seems to claim that because this virtual
currency is not regulated by any government or bank or any institution and there is no logical
way through which such currencies derive their value, the market of crypto currency is highly
unethical. People also are not willing to comprise with safety and guarantee for such currency
which is not even a recognized one and which is not controlled by any authoritative agency
around the world.
Yussof and Al-Harthy (2018) seem to have highlighted the challenges related to the
blockchain security issues and virtual currencies. The authorsAzouvi, Maller and

Meiklejohn (2018) seem to have said that 51 % attack happens when a group of hackers
develops more than 50% blockchain computing power. By doing such thing, these hackers
attain the majority in terms of network and can undertake the control of whole of the
blockchain which in turn facilitates the group of hackers in spending the bitcoins at double
rates. This prevents other users from developing blocks and thereby preventing virtual
currency transactions altogether.
One of the major issues which the investors feel that it restricts them in accepting
crypto-currency, is the issue related to currency inheritance. Moin Sana., (2019) seems to
have mentioned that because of the bitcoin currency is unregulated, this implies that digital
wallet of a person can only be viewed when there are keys, or else there is no other way
through which a person can get the access of the virtual currency of the relative. This makes
the funds as if it does not exist. For instance, X died in sudden plane crash and had funds in
bitcoin currency. His father for almost 2 years tried to find out the number of bitcoins his son
had. He could not trace or get access of the funds of his son. This left person irritated with
this concept of currency which in turn reduced the confidence in investing in such virtual
currency.
While on the other hand, Hughes and Middlebrook (2015) seem to have argued that
the key issue which is associated with the crypto-currency is market risk. Since the value of
the crypto-currency is regulated by any governing body, there is higher risk that the value of
the currency could significantly change and could affect an investor both in positive or
negative way. The authors seem to have stated that in a very short time, the virtual currency
market have witnessed some fierce fluctuations in the value of the bitcoin and the reason
cited for this were large number of amateur and informal investors. Wang and Schneider
(2018) seem to have mentioned that because the nature of bitcoin is intangible, uninsured and
illiquid, people are reluctant in accepting the concept of crypto-currency in the present times.
Such an incapability of getting liquid in the market is not welcomed by the people. The
authors stated that although the creation of insurer interest in this market, large number of
crypto assets and crypto organizations are either not insured or they are under less insured.
Another key issue which is associated with acceptance of crypto currency highlighted
by
Mills and Nower (2019) seem to be care, control and custody of the virtual currency. There is
massive risk of caring and handling of the crypto currency wealth. The rich crypto investors
are using some unimaginable ways of protecting their wealth in the form of cold storage
devices which are placed in bunkers and vaults. However, the author says that not all the

bitcoin investors are able to afford this magnum of security which increases the chance of
losing their money by the hackers. Ross (2016.) seem to have stated that human error is one
of the challenges which is limiting the scope of crypto currencies. Human error in the form of
password amnesia could lead to total loss of crypto wealth and fortune.

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