The UK is pushing out crypto and making it impossible to deposit for any newcomers.

Resources :

https://www.bankofengland.co.uk/the-digital-pound

https://decrypt.co/122666/uk-crypto-crackdown-which-british-banks-buy-bitcoin?amp=1

https://www.reuters.com/world/uk/britains-nationwide-curbs-cryptocurrency-purchases-by-customers-2023-03-02/

The Bank of England wants to issue a digital version of the current legal tender. Pounds and pence. It will be backed by the Bank of England. It will be protected by them. They’ve stated it won’t be classified as ‘crypto’ but rather a branch of the UK’s currency.

In doing so banks are stopping people depositing or converting any crypto using a UK bank account. Looks like it’s time to get on the VPN hype…… anyway.

Any bank still offering crypto services will be heavily regulated which in my eyes removes the point of crypto. So what happens now? If you purchase some crypto and lose can you write it off as a loss against profit? How can they monitor it effectively?

Binance is due to stop deposits in May. So this is happening really quickly. So how do we buy, hold and sell crypto from the U.K.?