andrewgriffith
Soccer teams have been warned against exploiting their fans through cryptocurrency fan tokens. MPs in the UK have warned sports teams that they ultimately risk damaging their reputations by selling the "one-of-a-kind" assets. Dame Caroline Dinenage, the chair of the Culture, Media and Sport committee, said: "Clubs are promoting volatile crypto-asset schemes to extract additional money from loyal supporters, often with promises of privileges and perks that fails to materialise." Kieran Maguire, a sports finance expert, has suggested that sports teams see NFTs as an "easy cash grab". He told the...
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The UK is working on a digital pound. The Treasury and the Bank of England are keen to debut the currency - which is being dubbed as a safe way to spend money in the digital age - before the close of this decade. The Chancellor of the Exchequer Jeremy Hunt labelled the central-digital currency as a possible “trusted and accessible” method of payment but would not be available until after 2025. He added to BBC News: "We want to investigate what is possible first, whilst always making sure we protect financial stability.” The formal consultation for the currency is believed to begin on Tuesday (...
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The UK government has vowed to bring in cryptocurrency regulations. The Treasury has promised to bring in rules that will seek to “manage” the threats from the “turbulent industry” of virtual currencies like Bitcoin after the sector had a dramatic 2022 with assets dipping in value by a reported 75 per cent from their high in November 2021 of $3 trillion. Ministers believe up to 10 per cent of the UK adult population possess some form of crypto and intend to use present regulations - like the Financial Services and Markets Act 2000 -as a starting point to make a system supported by "confidence,...
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