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FCA Backs Cryptocurrency For Cross-Border Payments

A Financial Conduct Authority (FCA) director has said the use of cryptocurrency for cross-border payments is a "legitimate and economically significant" deployment of the technology.

Speaking at an industry event in the Netherlands on Thursday, Mary Starks, the FCA’s director of competition, acknowledged that Bitcoin and similar cryptocurrencies achieved notoriety through their use on dark web marketplaces.

“Various platforms used Bitcoin because of its quasi-anonymous characteristics and faster settlement,” she said.

“These factors can also make cryptocurrencies appealing for money laundering or terrorist finance, which is obviously of concern to us a regulator.

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