Will Brexit Boost Cryptocurrency Rate? 62% of Analysts Say Yes
Brexit is a hot topic not only in the UK, but in the whole world. Many economic specialists debate about how the life of ordinary people will change, and how much Great Britain leaving the European Union will influence world economy. However, the thing we are most interested in is cryptocurrency. So what will happen to the crypto world? According to data collected by Cindicator, about 62% of analysts have quite an optimistic prediction on cryptocurrency market after Brexit. Moreover, they think that it will boost the rate of digital assets. Analysts reckon that in times of economic turmoil Bitcoin rate and total market output thrive. As Brexit may bring impact on capital funds of the UK government and UK economy as a whole, especially in getting access to international markets, it means that people will turn to crypto. Another reason is that people may choose crypto as a hedge against declining GBP value and for its usefulness in cross-border transactions. Most research show that British citizens found that trust in cryptocurrencies is low, while interest is relatively high. According to a report made by CCN, British poll agencies have the following view on this situation:
“Almost 44% of analysts believe Brexit would not affect crypto regulation in the UK.​ Under a no deal scenario, withdrawing from the EU would lead to a repeal of the ECA. This would effectively remove 17,105 legal instruments across many areas of law, thus creating serious complications for the UK legislative system . After Brexit, the government would then need to focus directly on legal processes associated with traditional political, economic and financial issues. As a result, some forecasters believe that regulatory development in innovative technology, such as cryptocurrency and blockchain, could be effectively delayed for the next 2–5 years.”
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