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Bitcoin and other cryptocurrencies are made possible by a know-how referred to as the blockchain. This is a shared digital ledger during which transactions in cryptocurrency (e.g. bitcoin) are instantly validated by a community of computers, thus creating a decentralised and transparent setting. Regulation surrounding cryptocurrency within the UK is particularly fragmented. Over the last few years, the UK government has had a basic view that bitcoin and different cryptocurrencies usually are not ‘real currencies’. This is because they are not perceived to carry out the capabilities usually associated with the definition of forex.
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