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UK Chancellor makes no mention of Bitcoin in 2015 budget speech

Rumours that the UK Chancellor George Osborne would announce new approvals and regulations regarding the cryptocurrency Bitcoin appear to be misguided, with the Chancellor making no mention of the currency in his 2015 budget speech.

It follows several outlets claiming members of the Treasury met with the cryptocurrency community, including visits to the UK’s Digital Currency Association (UKDCA).

Osborne made a public statement applauding the Bank of England for its venture into cryptocurrency as well, claiming he wants to see the benefits of Bitcoin and other ‘coins’ for customers.

It seems the UK government is still not confident enough to support Bitcoin, which has been on the rails for the past few years after a high of £750, currently sitting at £188.

Even though the price of Bitcoin has fallen dramatically, it has also become stable, without the major spikes we saw in 2013. That is good for governments looking to integrate Bitcoin into the economy.

Bitcoin offers various security advantages, including peer-to-peer money sharing, which is encrypted to avoid any of the normal credit or debit transaction notices.

Some internet companies have started accepting Bitcoin payments, but there is still some doubt that Bitcoin is a lasting solution to a new private economy.

Unless governments start investing time into supporting the new currency, which can act as a secondary currency in the UK to the Pound, Bitcoin will remain on the edge of relevancy.

David has been a technology journalist for over six years, covering a wide range of sectors. He currently researches apps, app sectors and app markets for Business of Apps, and has written for ITProPortal, RTInsights, ReadWrite, and Digital Trends.