News
    Home   >     Original    >     Main body
    Previous Post: Next:

    U.K Advertising Watchdog Bans Bitcoin Advert

    Abstract:The U.K advertising regulator has banned an advertisement by the cryptocurrency exchange Coinfloor aimed at pensioners, on the grounds that it was misleading.

      The U.K advertising regulator has banned an advertisement by the cryptocurrency exchange Coinfloor aimed at pensioners, on the grounds that it was misleading.

      Coinfloor is the Uks longest running Bitcoin exchange, and has previously marketed itself on being a trustworthy, verified exchange. The Bitcoin ad suggested that Bitcoin would be a good way to invest savings or pensions, however it failed to mention the risks involved. While this advertisement ban may be a reflection of the lack of foresight by Coinfloor, it is also an example of the hazy view with which the government regards crypto-assets, as well as the lack of clarity in cryptocurrency regulation.

      The Advertising Standards Authority banned Coinfloor from releasing the advertisement in its current form, citing a complainant who questioned whether the ad was misleading and socially irresponsible for failing to make clear the risks associated with Bitcoin.

      The ASA commented in their statement:

      “We told Coinfloor to ensure that future marketing communications made sufficiently clear that the value of investments in bitcoin was variable and could go down as well as up, that Coinfloor and the bitcoin market were unregulated, and that they also did not irresponsibly suggest that purchasing bitcoin represented a secure investment of ones savings or pension,”

      Coinfloor responded to this by stating that all views in the ad were from the perspective of the customer who was featured, and did not represent Coinfloors views.

      While the Bitcoin advert may be marked as irresponsible by the Uk regulatory body, without a clear regulatory framework in place it is difficult for crypto-based bodies to navigate the murky waters. The volatility and complexity of cryptocurrency makes it difficult to regulate, however the growing demand for cryptocurrencies makes clear regulation a pressing issue.

      The future of cryptocurrency in the U.K, is still unclear and U.K policy is still developing. While some regulation is loosely in place, there are still many elements of regulation that need to be addressed. The chancellor of the exchequer recently announced in this year's budget announcement that there would be a freeze on any capital gains tax for the next five years, which includes Bitcoin holders.

      Once a more thorough regulation has been implemented, Bitcoin is likely to become more widespread in the U.K, and in Europe. As it currently stands, last year the European Union implemented a new money laundering law, which the U.K also decided to implement, known as the EU Fifth Anti-Money Laundering Directive (5AMLD) which requires cryptocurrency platforms and wallets to identify their customers.

      Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    Read more

    Bitcoin Bull Mike Novogratz Warns of 'Existential Crisis' if the US Fails to Create Digital Dollar

    Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon.

    News 1618217643000

    How to Use AI to Generate Free Bitcoins

    When you get on the Bitcoin train you know you are in for a wild ride, with the price dipping and soaring so fast it’s hard to keep up. One thing is certain however, the overall value of Bitcoin is rising year-on-year at an incredible rate. Since the start of the pandemic the price has skyrocketed from just 7,200 USD in January last year, to its current price of near to 60,000 USD, although with some heart-stopping drops and recoveries in price along the way. BTC is clearly a great investment, but there is undoubtedly a high level of risk and uncertainty, so it is critical to mitigate your exposure and the best way to do this is with an automated platform.

    News 1618207992000

    All that mined is not green: Bitcoin’s carbon footprint hard to estimate

    The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible.

    News 1618198734000

    With Banks Turning to Bitcoin, Is It Finally Time to Long the Bankers?

    In the past, much of the Bitcoin community was taken to declaring, “Long bitcoin, short the bankers.” But now that the likes of Goldman Sachs, Morgan Stanley, BNY Mellon, State Street, Deutsche Bank and others are entering the crypto space, is it now to long banks as well as BTC?

    News 1618196175000