[Enter the Metaverse London](https://techcircus.io/en/events/enter-the-metaverse-london-2) was an event that aimed to introduce a new world of digital to its attendees.

The event featured thought leaders and inspirational designers leading the audience through a technological paradigm shift. The event took place on 28-29 November 2022 and explored exciting developments in VR, AR, and regulatory and legal movements. It delved into the future of e-commerce and gaming in the [Metaverse](/news/article/how-to-buy-land-in-metaverse-worlds) and decentralised commerce.

One of the event's primary focuses was gaming in the Metaverse. 

According to the presenters, wherever gaming goes, innovation follows. A lot of the original innovations in hardware and software were spurred by video games, and [Web3](/news/article/uquid-web3-integrates-with-polygon) is no different. When it is made entertaining and rewarding to engage with new technology, more users adopt it. The event discussed how blockchain empowered players and developers and some exciting models in the gaming world. The panel also discussed significant technological advancements in the gaming industry.

## Introduction to emerging technologies

The occasion introduced its attendees to the latest developments in emerging technologies. These technologies are rapidly gaining traction and are poised to be a major part of the future, like [Augmented Reality](/news/article/augmented-reality-tokens-explained) (AR) overlays digital elements in the real world, enhancing the users' experience. Extended Reality (XR) combines VR and AR, delivering a more immersive experience. The event also explored haptic feedback suits, which allow users to feel like they are in the game.

The Metaverse is an exciting development that aims to create a fully immersive virtual world. It is poised to be the next big thing in e-commerce, and the event delved into its future. It is a shared virtual space where users can interact together in a 3D world. It provides endless possibilities for businesses to engage with customers and deliver immersive experiences.

The occasion featured various presenters, including the Chief Medical Metaverse Officer of AIMEDIS, Professor Shafi Ahmed, Co-Founder of The Sandbox, Sebastien Borget, Director Of Business Development - EMEA of Niantic, Sarah Burslem, CEO of Singularity.net, Ben Goertzel, Sophia the AI, and Blockchain Product Marketing Manager of EX-SHOPIFY, Nicole Sandford. The occasion included various panels, including Web 3.0, the Metaverse, the Future of Gaming, and DeFi's Significance in Enabling Efficient Financial Transactions in the Metaverse.

## Conclusion

Enter the Metaverse London was an informative and exciting occasion that showcased the latest developments in emerging technologies. It left attendees with a deeper understanding of the possibilities and challenges of the digital world and the potential of emerging technologies to shape our future.


pink image of london and metaverse VR headset above

Enter the Metaverse London Explained 

Based in the UK, CEX is a cryptocurrency exchange platform with more than four million global users. The platform has a team of 250 people from multiple countries and operates under the Financial Conduct Authority's temporary registration scheme.

[CEX.IO](https://cex.io/) first shot up to fame by being one of the first fiat-to-crypto exchange platforms in the UK. Users that signed up on the platform could easily trade fiat currency like GBP or USD for the cryptocurrency of their choice via card payments and bank transfers. The platform is also a founding member of the CryptoUK, whose mission is to build cooperation between the UK's regulatory authorities and major cryptocurrency players.

## CEX exchange UK offering review

CEX is a significant leap for all looking to trade in crypto. This is because the platform allows users to buy, sell, and trade with more than 115 cryptocurrencies and in 225 trading pairs. It can be accessed via browsers and on both Apple and Android devices.

At the time of writing, CEX.IO has three products available for UK customers: CEX.IO, CEX.Broker, and CEX.Direct.

## Cryptocurrencies available on CEX.IO

Right now, CEX.IO allows users to trade with more than 200 digital currencies and tokens. CEX exchange UK users' most popular cryptocurrencies are:

•	[Bitcoin](/news/article/what-is-bitcoin) (BTC).

•	Litecoin (LTC).

•	[Ethereum](/news/article/ethereum-price-in-uk) (ETH).

•	Bitcoin Cash (BCH).

•	Cardano (ADA).

•	Cosmos (ATOM).

•	Tether (USDT).

•	Uniswap (UNI).

## Who can trade on CEX.IO?

CEX.IO caters to three different types of users that it calls everyone, businesses, and traders.

Everyone can go on the crypto exchange platform and use the instant feature to buy the crypto of their choice. CEX.IO takes the cake when it comes to payment methods, as it is flexible and allows users to pay via credit cards, debit cards, Apple Pay, Google Pay, and more. It also allows users to soft stake in 13 cryptocurrencies, letting them earn crypto and crypto-backed loans. This enables people to get fiat currency by offering their crypto as collateral.

For traders, the exchange provides spot and margin trading platforms and a mobile app, CEX.IO, which they can use for trading even while on the move.

The CEX exchange UK business offering allows firms to sign up via CEX.PRIME. CEX.PRIME lets institutional-sized buyers attain liquidity.

Businesses can also integrate cryptocurrency payments using CEX.DIRECT, a cryptocurrency payment gateway that works under CEX.IO.

## CEX.IO Fees 

CEX works on the maker-trader model, which means that all its transaction fees are based on the 30-day trade volume for all the coins users deal in. This is recalculated every day at 00:00 GMT.

CEX exchange UK fees for low volume and new users are a 0.25% makers fee and a 0.15% takers fee. As you become a more regular user trading in higher volumes, the fees are almost waived depending on the amount you spend.

## CEX.IO Security

Security is a strong focus for CEX.IO. The Financial Conduct Authority conducts the CEX exchange UK regulation. The platform is registered under FinCEN as a money service business in the US. The platform also has a Money Transmitter License (MTL) in 33 states.

## CEX.IO customer satisfaction

CEX exchange customers in the UK rated the platform as "excellent" on Trustpilot with a score of 4.7/5 calculated from more than 22,000 reviews. The platform leaves behind its most famous competitors, such as Coinbase and Kraken, regarding customer satisfaction. 

Moreover, the team at CEX.IO exchange is committed to increasing customer satisfaction even more as it responds to any negative or dissatisfactory customer reviews within 48 hours.

CEX.IO previously had mining services available to the public. That came to a halt due to profitability issues, which was met with many negative customer reviews. However, CEX.IO has rebuilt its reputation and works well as an exchange platform for new and experienced customers.

To conclude, for people looking for a smooth and low-fee cryptocurrency exchange platform, CEX exchange is the way to go.

With a user-friendly design and great customer satisfaction, CEX is undoubtedly the best in the UK.


blue iamge of CEX crypto exchange logo and exchange

CEX Exchange UK Offering Reviewed 

Binance, the world's largest cryptocurrency exchange, is set to suspend British pound sterling deposits and withdrawals for all users by 22 May, 2023. Binance GBP deposits and withdrawals for new users were halted on 13 March, 2023.

## What led to the Binance GBP suspension decision?

According to a Binance spokesperson, Paysafe, [the cryptocurrency exchange’s fiat partner](/news/article/kraken-crypto-exchange-plans-bank-launch) for GBP deposit and withdrawal services via debit/credit card and bank transfers, "will no longer be able to provide these services from 22 May, 2023".

As of Monday, these services have been suspended for new users.

That means new Binance users [CANNOT deposit and withdraw](/news/article/binance-suffers-1bn-outflows) in the fiat currency. How soon Binance will tie up with a new fiat partner for GBP deposit and withdrawal services is yet to be seen.

Given that there are still a couple of months until the suspension kicks in, it is likely that the centralised exchange (CEX) will announce a new partner by then. At the time of writing, Binance is exploring alternatives and insists that fewer than 1% of its user base will be [affected by this decision](/news/article/binance-linked-to-bitzlato).

It is worth noting that all “other methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto” [on the cryptocurrency exchange](/news/article/bestchange-find-the-best-crypto-rates) remain “unaffected”.

That means existing users from the UK can avail themselves of GBP and all other fiat currency options until 22 May. If the crypto exchange does not find a solution to this dilemma, UK users will have to resort to other fiat currency options post-suspension.

If a Binance UK user wishes to convert their US dollar (USD), for example, to GBP, they can use services such as XE.com.
 
![binance.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/binance_f54589d340.png)

Source: [XE.com](https://www.xe.com/)

XE.com is an international money transfer service that is simple to use. With real-time exchange rates, low fees, and quick transfers to over 170 countries in more than 100 fiat currency options, you can trust the [service to convert any fiat currency](/news/article/dai-to-gbp) you withdraw on Binance to GBP.

To utilise the service, create an account with your email address, enter the recipient’s bank details, address, and payment information, double-check the entered details, obtain the expected delivery date, and send your money transfer! Of course, solutions like XE.com are a last resort.

The popular crypto exchange should be able to sort out the GBP situation soon.


red image of binance trading app and bitcoins on a table

Binance GBP Deposits and Withdrawals Suspended

PeckShield, a security company based in China, alerted British crypto lender Euler on [Twitter](https://twitter.com/peckshield/status/1635203838939652097?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1635218198042918918%7Ctwgr%5E2f837db4eb37d5b619c2b3b4b80aab66b93c455d%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Feuler-finance-hacked-for-over-195m-in-a-flash-loan-attack) about a possible hack. It posted transaction details indicating that the hack resulted in a loss of $197 million.

PeckShield suggested that the hackers took advantage of a vulnerability in Euler's system. Euler acknowledged the situation and stated it was working with security experts and law enforcement. The lender also promised to provide more information as soon as it becomes available.

Crypto critic Molly White, who documents [hacks](/news/article/north-korea-hackers-stole-1.7b-crypto) and scams on her blog ‘[Web3 is Going Just Great’](https://web3isgoinggreat.com/), stated that the hack on Euler was the most significant this year. 

White ranked it as the eighth largest theft on the all-time list, although it pales compared to some of the crypto industry's most massive scams, reaching billions of dollars.

At the beginning of last year, the [crypto](/news/article/oxen-crypto-price-prediction) sector was on an upward trajectory, with the market for digital tokens and cryptocurrencies valued at hundreds of millions of dollars.

Crypto companies were aggressively marketing themselves through TV commercials, sports team sponsorships, and promoting their technology as revolutionary, as they aimed to attract new investors from the general public.

## Euler crypto falls victim to malicious hackers leveraging flash loans

According to a detailed analysis conducted by the blockchain security firm [Slowmist](https://twitter.com/SlowMist_Team/status/1635288972103667714?t=zUb040PYVunVm0p3pV1eGg&s=19), the recent attack on Euler crypto lender involved the use of flash loans by the attacker. The funds were deposited and leveraged twice to trigger [liquidation](/news/article/bitcoin-liquidations-spark-price-spike), after which the attacker sent the funds to the reserved address as well conducting a self-liquidation to collect any remaining assets.

The attack's success was attributed to two factors:

•	Funds were sent to the reserved address without undergoing a liquidity check, resulting in soft liquidation.

•	The soft liquidation logic was activated by the high leverage, which allowed the liquidator to transfer only a fraction of the liabilities to themselves while obtaining most of the collateral funds from the liquidated user's account.

Gustavo Gonzalez, a solutions developer at the blockchain security firm OpenZeppelin, informed [Cointelegraph](https://cointelegraph.com/news/euler-finance-hacked-for-over-195m-in-a-flash-loan-attack) that the entire incident occurred in a single transaction per pool, utilizing flash loans from AAVE.


Euler Crypto Lender Suffers $200m Hack 

Giant banking firm HSBC Holdings Plc (HSBA) is planning to buy Silicon Valley Bank's British unit. According to the [filing](https://www.londonstockexchange.com/news-article/HSBA/hsbc-acquires-silicon-valley-bank-uk/15871682) released on 13 March, 2023, HSBC will acquire the firm for £1.

SVB UK collapsed, reeling from severe losses. The finance company had total debts of around £5.5 billion and had deposits of more than £6.7 billion until 10 March.

## UK Government facilitated the Silicon Valley Bank sale

On Monday, the Bank of England also released an [official statement](https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank) regarding the matter. As per the statement, a number of other UK authorities were also involved. These included HM Treasury, the Prudential Regulation Authority, and the Financial Conduct Authority.
  
HSBC itself is regulated by the [FCA](/news/article/fca-crypto-regulation) and PRA, a fact which is likely help SVB UK recover from the losses. The statement issued by the Bank of England said that the step was taken to strengthen and stabilise the banking system of the United Kingdom. 

The central bank statement added that the move would ensure the continuity of banking services, minimise disruption to the country's tech sector, and support.

The Bank of England also guaranteed that all depositors' funds with the collapsed bank would be secured after its sale to HSBC.

## PM Rishi Sunak on the decline of SVB

The Bank of England released the official statement detailing plans for the sale of SVB UK just after [Britain's Prime Minister Rishi Sunak](/news/article/rishi-sunak-crypto-believer-uk-pm) assured the nation about the "sound" financial system of the country.

In talks with the media regarding the US bank's subsidiary's downfall, the Prime Minister said, "There's nothing to worry about."

He went on to add further reassurance that the country's financial health is "resilient" and would not be affected by the decline of SVB. The PM is currently in San Diego, where he will likely meet President Joe Biden.


silicon valley bank branch with red filter and money falling

Silicon Valley Bank UK to Be Bought by HSBC 

[Duelbits](https://duelbits.com/) UK website is an online gaming and gambling platform offering users in the United Kingdom a diverse range of games using CSGO money or skins.

![duelbits.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/duelbits_4c70ccc91b.png)
 
The site has been designed to appeal to a broad range of players, attracting more and more people to the platform. The operators of Duelbits have integrated casino gaming and CSGO [gambling](/news/article/betfury-crypto-dapp) games, including a live casino section where real-life dealers play alongside the players.

## User-friendly interface and payment methods

The Duelbits UK platform has been developed with a simplistic design and easy navigation, ensuring users can use the site efficiently and maximize their gaming experience. The user interface of Duelbits has a clear layout, making it easier for users to browse the available games and choose their preferred options.

Furthermore, the platform offers standard payment methods such as PayPal and credit cards. Players can use these methods to deposit money into their CSGO gambling account. Signing up for Duelbits and using cryptocurrency payment options is quick and straightforward without undergoing KYC verification.

## Games and community chat

The Duelbits UK website's homepage showcases various live games, such as dice and roulette, that allow users to participate in [crypto](/news/article/crypto-events-to-attend-uk) sports betting. The top menu provides access to all the essential features of the platform, such as customer service, a provably fair system, and bonuses offered.

In addition to this, there is a community chat box that displays the number of online users. The website's modern design features a simple layout, allowing users to stay engaged and entertained for extended periods. The platform lets players view previous wins and gives the community a transparent and privileged gambling experience.

## Is it legit or a scam?

Duelbits is a legitimate online [casino](/news/article/review-rollbit-exchange) that offers a fair gaming experience to its players. The casino operates on a provably fair system that allows players to transparently verify the randomness and fairness of a game's results, which ensures that Duelbits' operators cannot rig the games.

The Duelbits UK platform stands out from the crowd as it has earned a great reputation in the online casino industry for not being associated with malicious activities.

It provides instant deposits and withdrawals to its players, another significant aspect proving the site's legitimacy. Duelbits processes withdrawals and deposits instantly, never blocking client funds, which allows players to withdraw lump sums of money immediately. Therefore, Duelbits is a trusted and legitimate crypto casino that players can enjoy without any concerns about being scammed.


Duelbits UK Review 

UK-based payment processor specializing in linking crypto firms to the banking world, BCB Group, is ramping up its dollar-to-crypto capabilities following Silvergate Exchange Network (SEN) shutting down. The firm hopes to have the [fiat-to-crypto system](/news/article/crypto-banks-access) ready to roll early in the second quarter.

Speaking during a [media interview](https://www.coindesk.com/business/2023/03/06/crypto-banking-firm-bcb-readies-us-dollar-payments-to-plug-silvergate-gap/), the group's CEO, Oliver von Landsberg-Sadie, stated that the BCB Liquidity Interchange Network Consortium (BLINC) is a dollar component that has been in the pipeline for the last year and which will launch soon. He said the move is meant to plug the hole left by the departure of SEN, besides providing continuity to BCB and Silvergate clients. 

## BCB has a payment license from UK financial regulator

Launched in Mid-2020, BLINC facilitates a real-time settlement system for fiat currencies like the Euro, British Pound, and the Swiss Franc, similar to what Silvergate did for US-based crypto clients transacting in dollars. The firm provides fiat-to-crypto solutions to Europe's leading institutional players, including Galaxy Digital, Bitstamp, Kraken, and Gemini. London-based BCB has a payment license from the Financial Conduct Authority (FCA), the UK's regulator.

According to Landsberg-Sadie, unlike SEN, BLINC is multicurrency and not tied to a particular credit institution. It's purposely designed as a payment institution that provides onramps to numerous banks in the UK, Switzerland, and several other European countries.

Considering Silvergate's waterloo was when the firm allowed long-term Bitcoin bets against short-term cash deposits, a titanic feat during 2022's crazy markets, Landsberg-Sadie said the group's funds are 1:1, no leverage, no pledge, and always fully protected with safeguarded funds.

## An alternative to the Silvergate and Signature Bank networks

The firm’s move will help widen the space for crypto companies struggling to integrate with traditional banking systems by including USD capabilities.

The groups’ entry and launch of BLINC will offer an alternative to the Silvergate and New York-based Signature Bank's networks. BLINC introduces a decentralized model that provides excellent stability and security to clients, giving it great potential within the crypto payments space. Signature's Signet is currently the following largest network for USD instant settlement.

Crypto companies that hoped to revitalize traditional banking by integrating cryptocurrency have always been skating on thin ice. Consequently, the accompanying [crashes such as FTX](/news/article/is-crypto-dead) and scandals that sparked a cacophony of responses from US-based regulators are almost suffocating the nascent crypto-banking startups.


BCB Group Acts to Close Silvergate Gap

The global non-fungible token (NFT) market was on its way to surpassing [$50 billion](https://www.cryptoslam.io/nftglobal) in February 2023. With the profits available, it is no wonder people query the UK stance on NFT income tax.

The market is dominated by the Ethereum blockchain, which houses popular [NFT](/news/article/pixelmon-nft-everything-to-know) collections such as the [Bored Ape Yacht Club](/news/article/bored-ape-nft) (BAYC), Mutant Ape Yacht Club (MAYC), Otherside for Otherdeeds, CryptoPunks, Art Blocks, Azuki, Moonbirds, and CloneX. 

The other projects in the top ten, NBA Top Shot and Axie Infinity, are deployed on Flow and Ronin blockchains, respectively. With CryptoPunks #5822 selling for $23.8 million, CryptoPunks #4156 exchanging hands for $10.2 million, CryptoPunks #5577 being taken off the market for $7.7 million, and Ringers #109 also selling for $6.9 million, it is only right that authorities have set their sights on how NFTs should be taxed due to the enormous gains made by traders.

With several multiple percentage profits to be made in a short period, it is also understandable to find NFT tax UK rules being queried.

But before we zoom into NFT tax UK, let us examine how [NFTs](/news/article/shopify-nft-merchants-get-more-tools) are bought and sold on marketplaces so that you are enlightened from the buying and selling stage to the taxing phase.

## How to buy and sell NFTs

NFTs are digital art representing sneakers, sports cards, and real estate, among others. If you want to buy a piece by Leonardo Da Vinci or a Pablo Picasso painting, you have to find an art store or gallery. If you want NFTs, you have to locate a marketplace. There are many NFT marketplaces around today, including Nifty Gateway, X2Y2, LooksRare, Known Origin, Blur, Rarible, SuperRare, Foundation, and OpenSea.

OpenSea remains the largest NFT marketplace by all-time volume. Despite a decrease in industry-wide interest in digital collectibles, OpenSea still saw more than [$270 million](https://www.theblock.co/data/nft-non-fungible-tokens/marketplaces/nft-marketplace-monthly-volume) in volume in January 2023. As a result, we would like to focus our short guide on how to buy NFTs on OpenSea. 

You need to have a crypto wallet that has Ether (ETH), the novel token of Ethereum. Popular wallets that support Ethereum include Rainbow, Trust Wallet, and MetaMask.

With a wallet filled with ETH coins, you can create an account on OpenSea, connect your wallet, search for the NFT project of your choice, and make a purchase. Once the purchase is complete, the NFT will be sent to your wallet.

If you want to sell your [NFT],(/news/article/loaded-lions-nft-explained) you make it available on OpenSea and set a quote. Once a buyer bids for your NFT and you accept, the sale is completed.

Since you hold the private keys to your wallet, you are responsible for protecting the digital collectibles from cybercriminals and malicious programs.

Now that you know how to buy and sell NFTs, let us examine how they are taxed by authorities in the United Kingdom. 

## What are the NFT tax UK rules? 

His Majesty’s Revenue and Customs (HMRC) is responsible for the taxation of NFTs. Capital gains and income tax are two principal taxation types to take note of as a UK resident. 

Capital gains are profits earned from the sale of an asset that has spiked in value over a given period. A great example of this can be attributed to buying a Bored Ape for £10,000 and selling the NFT for £95,000. The difference, which represents the profit, is £85,000 (capital gains). 

According to [GOV.UK](https://www.gov.uk/guidance/capital-gains-tax-rates-and-allowances#:~:text=Capital%20Gains%20Tax%20is%20charged%20at%20a%20flat%20rate%20of%2018%25.), it is the gains made that are subject to tax, not the entire money from the sale. Therefore, £85,000 will be taxed, and not £95,000.

According to the HMRC, disposing of NFTs includes selling them, gifting them to loved ones, swapping them for other NFTs or digital currencies, and getting some compensation for them (such as an insurance payout when something is destroyed or lost).

As of February 2023, capital gains tax (CGT) is between 10% and 20%. From the example given, the owner of the sold NFTs would pay 20% CGT because it is above £50,270. If capital gains from the sale of a digital collectible are below £50,270, you are subject to 10% in CGT.

Income tax is paid on earnigns by UK residents. There are professional traders out there who trade stocks, cryptocurrencies, and now NFTs for a living.

If you make less than £12,570 from NFT sales, you will pay 0% in income tax. But if you earn above that and it rises to £50,270, you'd pay 20% in income taxes. 

For those earning £50,270 up to £150,000, tax is charged at 40%. NFT traders that make more than £150,000 are subject to 45% in income taxes. 

## NFT tax UK conclusion

Monthly global NFT market sales are currently on a rebound. Knowing the percentages in taxes will be invaluable to your decision on whether to get involved in NFT trading and investing.


NFT Tax UK Rules Explored

10bet has fought competitors over the years and has become a leading betting platform for many punters in the [United Kingdom](/news/article/crypto-regulation-uk).
11. 
Founded in 2003, it is a pioneer betting platform that became one of the fastest-growing online bookmakers in the UK.

Here, we look at what the betting company is, how to place a bet with it, the number of payment options supported, the type of markets it supports, and other features embedded into its system. 

## What is 10bet? 

As an online gambling company, 10bet offers casino, live casino, and sports betting services to gamblers.

Despite the stiff competition in the [UK](/news/article/uk-crypto-regulation) from other gambling companies such as Bet365, William Hill, Ladbrokes Coral, Betfair, Paddy Power, Betway, 888sport, and 32Red, among others, it uses promotions and offers to bring in new customers and maintain existing ones.

To entice new customers to the platform, the betting company has set a registration offer that enables punters to earn up to £25 in bonuses. Being eligible for this type of bonus relies on the amount of money you first deposit with the betting outlet. 

Aside from this, there are promotional offers that can see bettors earn up to 50% of their deposits up to a maximum of £50. To be eligible for a £50 bonus, you must fork out a minimum deposit of £100.

Although gambling has taken over the world of sports and become a part of our daily lives, not all financial institutions have thrown their backing behind betting. This begs the question, what types of payment methods are supported by 10bet? 

## Types of payment methods on 10bet

Many UK gamblers have become accustomed to using electronic wallets such as [PayPal](/news/article/paypal-crypto-reserves-$604-million), PaySafe Group's Skrill, and Neteller, as well as Apple Pay, EcoPayz, and Trustly, for their online gambling activities.

If you are interested in 10bet, you should note that the company accepts PayPal and bank cards (debit cards).

Unfortunately, popular e-wallets Skrill and Neteller are not supported. PayPal and debit card transactions are processed instantly and credited to punters' accounts within a few seconds. 

## What betting markets are on 10bet? 

There is a range of sports betting markets for wagers interested in holding an account with the gambling company.

For punters in the UK and the rest of the world except the US, [football](/news/article/cronos-crypto-falls-flat-world-cup) is the primary focus due to the success of the English Premier League (EPL) in the UK and abroad.

Aside from the Premier League, other international leagues such as the Spanish La Liga, Italian Serie A, French League One, and German Bundesliga are among a host of other European leagues and major football tournaments available on the platform.

For football, some of the most popular markets patronized by bettors include, but are not limited to, match results, anytime scorers, over/under goal markets, and both teams to score.

In addition to football, the platform supports wagering on motor racing, snooker, pool, handball, rugby league, ice hockey, baseball, golf, darts, cricket, boxing, National Football League (popularly known as American Football), greyhounds, basketball, and horse racing.

In addition, 10bet supports in-play betting and has a cash-out feature embedded in its platform.

In-play betting is where a  gambler places bets on ongoing live games. The cash-out feature allows bettors satisfied with the amount of money added to their initial wagering amounts to take off with the accumulated sum before the bet is settled.

With a thorough understanding of the types of payment methods and markets on the platform, you should know how to place a bet on the company’s website and mobile application. 

## How do I place a bet with 10bet? 

You cannot use social media applications without signing up for an account with them. The same holds for registering with gambling websites across the globe. To set up an account, you must be 18 years and above.

Firstly, you must locate 10bet by clicking [here](https://www.10bet.co.uk/). On the dashboard of the website, navigate to JOIN NOW, which can be found at the top right-hand corner of its online address.

Secondly, provide authentic details of yourself. In the space provided, you must provide your full legal name, verifiable email address, phone number, and home address. Much emphasis has been placed on legality and authenticity because, like all gambling companies, it will pass you through a verification process called Know Your Customer (KYC).

Thirdly, you must provide legal documents to confirm your identity. In compliance with rules and regulations, the company vets new bettors. As a result, you will need to upload an identification card such as a passport, a national ID card, or a driver's license. In addition, demands will be made for a bank statement, internet, or utility bill not more than six months old to help verify your home address. This will also help the company find consistency in the address linked to the PayPal account or debit cards used as payment methods.

Fourthly, make a deposit using the aforementioned payment methods. 
Lastly, navigate the sports betting markets, place a bet on your preferred market, and wait for the bets to settle. 

## Does the company have an app? 

Yes, 10bet comes with a mobile application, making it one of the best and fastest places to gamble. The application can be found and downloaded on the Google Play Store and Apple Stores.

As a highly accessible platform, it also doubles up as a user-friendly app that simplifies betting for even the most novice of all punters. 

## Conclusion 

10bet is among the best betting sites for new and existing bettors in the UK.

While competition will always be tough due to the potential profits that could be made within a short period, the company has lined up promotions and bonuses to keep it active in the market.

This explains why it has more than 1 million active users and is present in over 100 countries.


Is 10bet Among the Best Betting Platforms? 

UK authorities have [carried out raids](https://www.fca.org.uk/news/press-releases/fca-takes-action-against-unregistered-crypto-atm-operators-leeds#:~:text=No%20UK%20firms%20or%20individuals,down%20or%20face%20enforcement%20action.) on multiple sites in and around Leeds, targeting illegally operated crypto ATMs.

The operation aimed to gather evidence of machines suspected of facilitating buying or converting traditional currencies into digital coins, such as Bitcoin. These machines were found in various locations around the city, and authorities have taken action to shut down their operations.

## FCA investigated illegal crypto ATM UK operations

The [UK's FCA](/news/article/uk-fca-explains-low-crypto-approval) is taking action to enforce its prior announcement that any [crypto ATMs](/news/article/crypto-atm-bitcoin-business) operating within the country without proper authorisation are doing so illegally.

The financial regulatory body has partnered with the West Yorkshire police to combat the illegal operation of cryptocurrency ATMs in Leeds, a city in northern England. The West Yorkshire police's cyber team has identified "several live crypto ATMs", although they did not disclose the exact number or location of these machines.

According to Coin ATM Radar data, there are currently 27 [Bitcoin](/news/article/visa-bitcoin-debit-card-review) ATMs installed across the UK. This operation marks the country's first crackdown on illegally operated crypto ATMs, highlighting the FCA's commitment to upholding regulatory compliance in the burgeoning cryptocurrency market.

According to Detective Sergeant Lindsey Brants of West Yorkshire police, warning letters were issued to the illegal operators instructing them to cease their operations. The letters also clarified that any violation of regulations would lead to an investigation under money-laundering regulations.

## Cryptocurrency companies need to be registered under FCA

According to the FCA, all companies that offer cryptocurrency-related services in the UK must be registered with them to comply with anti-money laundering and counter-terrorist financing regulations.

The FCA has cautioned explicitly that none of the registered crypto asset businesses has the authorisation to provide ATM services. As a result, any UK crypto ATMs currently operating are considered to be doing so illegally.


red image of bitcoin atm and policeman in uk

UK Crypto ATM Raided by Financial Regulator 

Even with the entire crypto world operating like [headless chickens](/news/article/cryptocurrencies-prices-plummet), some great steps are still being taken to resuscitate the industry. Activities like NFT meetups, seminars, and networking events can play a huge part in reviving the industry's image. We'll be going over some of the most exciting NFT events London offers in this piece.

## Networkverse: Open-mic and networking

The first event to keep a lookout for is [Networkverse](https://www.eventbrite.com/e/networkverse-nft-web3-metaverse-tam-open-mic-and-networking-tickets-516521047357?aff=ebdssbdestsearch&keep_tld=1), presented by Zee West. It will take place at the Temple of Art and Music in Farringdon. The event will be held on the 16 February and will be one of the first major NFT events in London in the month of February.

The idea of the event is to present a space where individuals interested in the crypto field can get more information and listen to experienced professionals from different facets of the industry. Various panellists will be at the event, ranging from Web3 experts to blockchain developers.
The event will provide attendees with an excellent opportunity to speak with high-influence individuals and expand their network.

## Web3 and NFT meetup at the Arcade Apes bar

This one is hosted by [Web3 Events](https://www.eventbrite.co.uk/o/web3-events-57908379873), and it’s another intriguing [event](https://www.eventbrite.com/e/calling-all-web3-and-nft-enthusiasts-in-the-uk-tickets-481334082197?aff=ebdssbdestsearch&keep_tld=1) to consider attending if you're a crypto enthusiast. Happening on 18 February, you can head to the world's first Bored Ape Yacht Club bar, [Arcade Apes](https://arcadeapes.com/web3/), to participate. It seems like the perfect venue to host an NFT-related discussion and networking event.

There's one factor in this event that differentiates it from most other NFT events London offers, or elsewhere, it promotes participation of women and promises a 50-50 male-to-female cutoff at the event.

As for the itinerary, there will be a panel of speakers discussing the future of Web3 and how the industry can move forward productively. There will also be a Q&A if anyone has particular queries regarding any crypto-related topic.

To make networking easier, there will also be a bunch of fun board games to break the ice with. Locating the event won’t be too difficult, as the bar can be found on Google, and it's situated right next to the famous Buckingham Palace.

## Blockchain/Metaverse/NFT meet up at the Tower Suites

NFT events in London are one thing, but networking events where you can get a panoramic view of the entire city – now that’s a totally different experience. If you want to experience and take part in this fun event, head to the Tower Suites in London on 18 February. The event is organized by Stratis, a blockchain solution company founded in 2016.

Stratis has an entire blockchain architecture built on top of Bitcoin. It provides developers with a platform on which to build their blockchain-based apps and games.
The event will serve as an opportunity for like-minded individuals to come along and discuss the field of crypto and NFTs, networking their way to potential partnerships and deals. You can even head to the Skyline Bar to grab a few drinks, giving you a relaxed, comforting state of mind so you can go about your business without any worries.

## NFT evening at a ‘private members club’

The Luxe Club is hosting this [next event](https://www.eventbrite.com/e/crypto-nft-and-web3-networking-evening-at-a-private-members-club-in-london-tickets-523459781297?aff=ebdssbdestsearch&keep_tld=1) on our list, as it will take place on 20 February in Mayfair, London. If you're looking for high-profile NFT events in London, look no further than The Luxe Club, as it hosts monthly Crypto/NFT evenings for members to get together and discuss the industry's happenings.

This is also the only event on our list that requires an entrance fee for participation – all the others are free. The main reason behind the fee is probably the nature of the event itself, as you can expect a proper reception, a formal dinner, and private tables. Since the event is at a 'private members club', there ought to be a fee to ensure the experience is kept top-notch by the organisers.

If you're looking to attend the fanciest NFT events London offers, where you can get expensive drinks and a fine-dining experience, sign up for a cool £35 fee.

## Final thoughts

Although these aren't the only NFT events London will witness in February, they are some of the more exciting ones to look forward to. If you would like to join an entire crypto-related club and meet regularly with other members, we'd recommend going for the event presented by The Luxe Club – the last option on our list. It will not only help you expand your network, but also provide you with a luxury experience while at it!

However, for strictly business purposes and to speak with high-value individuals regarding potential deals and cooperation, you should go for the other events on the list.

Firstly, you won't have to pay an entrance fee. Secondly, you will be able to hear from industry-leading panellists regarding their experiences with crypto. Ideally, the goal is to learn, expand your professional circle, and grow!


Exciting NFT Events London Offers this Month 

Wallet Whale is a [UK-based membership programme](/news/article/best-crypto-rewards-card-uk) that enables you to enjoy deals and discounts across retail, dining, holiday travel, Flava grocery shopping, health and fitness products, and home and garden essentials. This article explores what you need to know about the membership service.

![wallet.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/wallet_f583f12ded.png)

 Source: [Wallet Whale](https://walletwhale.co.uk/)

## Benefits of a Wallet Whale card

Listed are the benefits of becoming a Wallet Whale member:

•	Get the mobile phone you want with a guaranteed contract via one of their partners [WITHOUT a credit check](/news/article/what-is-decredit). Additionally, as a member, you can enjoy extra data, texts, and minutes. It should be noted that the mobile contract partner (such as Vodafone) will require you to conduct several weekly payments to prove your capability to pay on a contract before they ship your desired mobile phone.

•	Enjoy discounted retail in more than 6,500 British high street locations, across 300-plus retail stores and eateries. Carry your card when you go out dining.

•	Easily upgrade your holiday travel experience via the membership portal. This includes upgrading your accommodation and travel insurance benefits, among other possibilities.

•	Take advantage of exclusive Flava supermarket deals with a free premium Flava Benefits Pro account. This includes a lifetime of free shipping and spreading the cost of your grocery shopping. 

Flava is the only UK supermarket that offers these features without interest.

•	Access to a range of health and beauty products is available.

•	Reap the benefits of discounted home and garden essentials shopping.

•	Other benefits include online shopping deals and special motoring deals.

## How to become a member

To enrol on the programme, you must pay a one-time sign-up fee of £39.99 and a recurring monthly fee of £24.99. According to the website, payments will appear as "WalletWhale03707704660" on your billing statement.

![whale.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/whale_b8494c4cae.png)
  
Source: [Wallet Whale](https://walletwhale.co.uk/)

Fill out a form that requires you to enter your title (Mr, Mrs, Miss, or Ms), first and last names, email address, mobile number (optional), and date of birth. Please read the privacy policy and terms and conditions before clicking on the Next button.

If you have any queries, you can reach out to customer support via phone or email:

Phone number: 03707704660

Email address: customerservices@walletwhale.co.uk

Visit the [website](https://walletwhale.co.uk/) for more details and the FAQ section in particular.


blue image of man getting angry at his wallet whale

Wallet Whale Membership Explained

[FinTech](https://en.wikipedia.org/wiki/Fintech) companies are making waves in the UK, especially with the growing popularity of blockchain tech, such as NFTs and cryptocurrency.

FinTech has entered popular parlance in recent years. An amalgamation of financial and technology, it refers to companies using technology to compete with traditional financial (TradFi) methods in delivering financial services.

Four main components make up the FinTech world:

•	Artificial intelligence.

•	Blockchain.

•	Cloud computing.

•	Big data

These components, often referred to as the ABCD, form the backbone of the industry.

Technological developments are constantly pushing the boundaries of FinTech in a never-ending move toward more financial inclusion. 

The evolution of smartphones and their applications has seen a surge in the popularity and use of mobile banking, investing, lending, and various cryptocurrency services as the general population take more control over their financial future.

The industry consists of start-ups, traditional financial institutions, and technology companies, often all working together to enhance the customer experience and encourage financial intelligence.

## FinTech companies UK

Investment in global FinTech has risen by more than 12,000% from $930 million in 2008 to over $121.6 billion today. Forecasters predict that by 2030 the global FinTech market is expected to reach $949 billion at an average growth rate of 17.2% per year.

FinTech companies UK represent the country's strongest start-up sector, consisting of more than 1,400 'high growth companies' and 20 unicorns (firms worth more than $1 billion). The industry attracts more venture capital than any other business raising some £21.9 billion so far, of which £7.4 billion came in the bumper year of 2021. 

With a total market valuation of just over £11 billion, FinTech in the UK is big business.

As you might expect, 96% of all UK FinTech firms are based in London. Around 9% of companies were founded by a female boss.
As of July 2022, the [three top FinTech companies in the UK](https://www.beauhurst.com/blog/fintech-startup-companies/) were:

•	Checkout.com.

•	Revolut.

•	Monzo

Checkout.com was founded in 2012 and raised £1.36 billion through four equity rounds. Its core business is payment processing software development allowing businesses to pay in more than 150 currencies. Its innovative platform combines several separate payment technologies and covers every stage of the process. With on ramps including Visa, Mastercard, and American Express, it is easy to see why it is the UK's largest FinTech company.

Following closely behind is the well-known brand Revolut, which services more than 18 million customers worldwide with financial services and digital banking through its popular mobile application. 

Since launching in 2013, Revolut has raised some £1.27 billion in equity. In December 2021, the company was awarded a full banking licence from the European Central Bank, making Revolut one of the best well-known FinTech brands on the market today.

In third place is challenger bank Monzo, which is fully regulated by the FCA and PRA in the UK. Founded in 2015 and based in the City of London, Monzo help more than 6 million customers manage their financial well-being through its digital banking platform. Monzo is free to use, but with the Premium option (£15 per month), customers are eligible for free phone and travel insurance.

## FinTech companies UK conclusion

Despite a global market slowdown in 2022, UK FinTech investment reached some $12.5 billion last year. It is easy to see why FinTech is held in such high regard in the UK.

Indeed, with over 2500 FinTech companies based in the country, the UK ranks as the [third largest FinTech hub in the world](https://www.londonstockexchange.com/uk-fintech-ecosystem).

Furthermore, around £3.6 trillion of foreign exchange trades are processed in London daily. This is more than the next four largest markets combined. When you add the fact that some 90,000 finance and insurance firms are based in the UK, it is obvious why the country remains top of the international finance industry.

According to a recent report by Deloitte, the UK FinTech industry is dominated by WealthTech and Payments. However, there are considered to be some 23 subsegments of the national ecosystem, making for an extremely varied and versatile industry.

As we can see from the examples above, growth in the space continues to be driven by high levels of investment, reaching some $11.6 billion in 2021, second only to the USA and counting for half of all European FinTech investments. As more and more people embrace the move away from traditional banking, the FinTech industry is predicted to double in value by 2030. If, as many expect, this forecast continues to materialise for FinTech companies UK, there has never been a more opportune time to be involved in this exciting industry.


blue image of two women working on computers in tech company

FinTech Companies in the UK 2023

In the wake of the fall of FTX, the government of the UK has planned major reforms in cryptocurrency regulation.

It plans to bring digital assets under mainstream financial laws. However, it has backtracked from the resolve of treating cryptocurrencies as stocks, insurance products, and shares.

On 31 January, the Treasury announced that it would publish several proposals to align traditional finance regulations with the crypto industry.

## Key changes in cryptocurrency regulation UK

The Treasury anticipates the security of the funds of crypto users. The regulatory proposals will likely assure customers of financial security even if the crypto firm experiences insolvency. 

Moreover, it would establish robust rules for token promotion to eliminate misleading information. 

On the other hand, the Treasury will ensure that the crypto firms strictly follow the new regulations. It will help remove bad actors from the industry from running scams like [pump and dump schemes](/news/article/how-to-spot-a-pump-and-dump). Regulators will also focus on data reporting to bring more clarity and better regularisation. 

The ministry believes that these changes will likely protect investors' rights. These reforms may also minimise the risk of potential scams.

## The need for regulations after the FTX fall

2022 was a testing year for cryptocurrency investors. The year's highlights were the [Terra-Luna debacle](/news/article/terra-luna-collapse) and the [bankruptcy of Celsius](/news/article/celsius-bankruptcy-judge-order) and other lenders. However, one event which really rattled the market was the collapse of Sam Bankman-Fried’s exchange, and many began to question, “[Is crypto dead after the FTX collapse?](/news/article/is-crypto-dead)". This crash restricted many investors from accessing their funds. Now, cryptocurrency regulation has become inevitable. 

The UK will be one of the first countries to amend its digital asset laws. According to a [BBC report](https://www.bbc.com/news/technology-64468617), Harriet Baldwin MP says that the crypto market is a wild west.

However, the market also sees many technological innovations, which may help the country's economy. Therefore, the Treasury plans to reform cryptocurrency regulation UK laws to ensure security for investors.

yellow image of regulation files and bitcoins

Cryptocurrency Regulation UK: Big Reform Coming

According to an investor update seen by Moni Talks, [UK-based Monzo bank](https://monzo.com/) experienced a record 250% revenue in 2022 and is on track to attain annual profitability by the end of this calendar year.

![monzo.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/monzo_8465c9275b.png)
 
Source: [Monzo](https://monzo.com/)

The digital bank recorded an annualised revenue of £440m in 2022 (January to December) and expects to break even in 2023 - a feat not many European neobanks have achieved. According to the investor update, the neobank has been "cash flow positive", with ingoings outpacing outgoings.

## Monzo bank turns it around

In the digital bank's annual report for 2020-21, Monzo bank reported £114M in pre-tax annual loss - a similar loss rate to 2019-2020.

Monzo's accountants posed grave concern over the future of the neobank, stating that there was "significant doubt" regarding Monzo's ability to continue.

Fast forward to today, and Monzo has nearly doubled its customer base from 3.9M in February 2020 to 7M, generated record revenue in 2022, and may obtain profitability in 2023 - comeback kings indeed.

[Starling was the first European neobank](/news/article/starling-bank-bans-crypto) to attain annual profitability, in July 2022. Revolut CEO Nik Storonsky 'claims' that they have been profitable for two years, but Moni Talks cannot substantiate these claims. Revolut has missed the deadline to file accounts twice now.

If we compare Monzo to these industry stalwarts, Starling has 3.5M UK customers, while Revolut has 5.75M UK customers. The potential is clear to see.

The neobank claimed its personal account sign-ups averaged around 150k monthly in 2022. These numbers are likely to bode well for the company in the near future.

## What is Monzo?

Monzo is a [UK-based digital bank](/news/article/which-uk-banks-allow-cryptocurrency-purchases) enabling you to open a full UK bank account within 15 minutes from the comfort of your phone. You can earn up to 3.55% gross fixed/AER interest on your savings, set spending budgets, and obtain loans and overdrafts, amongst several other stellar features.

Its programs include Premium, Plus, Abroad, and Flex - take your pick.

At the time of writing, the company's revenues are heavily focused on its famous coral-pink cards.


Monzo Bank Achieves Twofold Revenue

A former Oxford University student has admitted crypto theft charges after stealing more than £2 million in cryptocurrency.

Wybo Wiersma, a 40-year-old computer genius who dropped out of a Ph.D. class at Oxford University, will serve [four and a half years in jail](https://serocu.police.uk/man-jailed-for-2m-cryptocurrency-theft/) after admitting he stole more than £2.1 million in cryptocurrency in a scam that affected over 100 people. The Dutchman created a bogus website – iotaseed.io – that would generate an 81-character 'seed' password for people interested in an online currency called Iota.

## Inserted a malicious code

A ‘seed’ refers to a private key consisting of 81 random characters that allow only the user to access their [crypto wallet](/news/article/best-crypto-wallet-uk-top-picks). However, Wiersma inserted a malicious code so that instead of random seeds, the system delivered predetermined ones that enabled him to access his victims' Iota crypto and unlawfully transfer them to his web of personal trading accounts. Wiersma programmed the site to appear on top of Google searches when victims searched for the phrase 'Iota seed generator'.

Prosecutor Julian Christopher KC revealed that the accused created the [scam](/news/article/crypto-scams-failing) iotaseed.io website between 2017 and 2018 and started transferring his victims’ cryptocurrency in early 2018. He would later set up four accounts with Bitfinex cryptocurrency exchange, where he would keep the stolen crypto funds. Bitfinex would become suspicious of the account’s activities and froze them, despite Wiersma working hard to convince them otherwise.

## Crypto theft due to greed and deception

Judge Michael Gledhill KC of Oxford Crown Court sent Wiersma to jail, noting that he abused his skills to steal, terming it dishonesty at the highest level and adding that he committed the offense of crypto theft due to greed and deception. The accused was due to stand trial in early March but pleaded guilty on the day the jury was supposed to be sworn in. Wiersma was first arrested in January 2019 but fled to his native Netherlands after being released on bail. He was extradited to England in April 2021 to face the law at Oxford Crown Court.

Noting that the investigation covering the crypto theft was complex as it involved more than 100 victims from different parts of the world, Detective Inspector Rob Bryant of the South East Regional Organized Crime Unit (SEROCU) stated that as Wiersma cools his heels in jail, SEROCU would try and ensure as much of the money they seized from his wallets is returned to the owners.


red image of Wybo Wiersma oxford student hacker

Oxford Ph.D. student jailed in £2M crypto theft scam


The UK financial regulatory body has received around 300 applications from cryptocurrency firms, but has [only approved 41 of them](https://cointelegraph.com/news/uk-s-fca-hints-at-why-its-given-only-15-of-crypto-firms-the-regulatory-nod). On 10 January, 2020, the Financial Conduct Authority (FCA) in the United Kingdom put new regulations targeting the cryptocurrency industry into effect.

These regulations are in place to oversee companies operating within this sector and to ensure that they comply with the same anti-money laundering and counter-terrorism financing regulations as traditional financial market companies.

The [UK's financial watchdog](/news/article/fca-crypto-regulation) has only approved 41 out of 300 crypto firm applications for regulatory approval despite plans to make the region a thriving crypto hub.

The UK FCA reported that of the 265 applications evaluated, only 15% were granted registration, 74% were withdrawn by the firms, and 11% were denied. Additionally, 35 applications are still pending review.

The authority did not specify the reasons for the rejection or withdrawal of these petitions. Still, it provided feedback on what is considered to be of "good and poor quality".

## Feedback from the UK's FCA regarding applications

The report stated that petitions deemed more complete included:

•	A comprehensive explanation of the company's business model.

•	The responsibilities of its partners and service providers.

•	The sources of liquidity.

•	Flow-of-funds diagrams.

•	A summary of the risk management policies and systems that have been implemented.


The report implies that some companies may have had applications denied if they could not demonstrate adequate [blockchain-compliance](/news/article/blockchain-use-cases) measures to monitor on-chain transactions.

The FCA also reinforced its stance against money laundering, requiring all companies to appoint a money laundering reporting officer who is actively involved in the application process.

The UK FCA has announced that it is working with other [regulatory agencies](/news/article/uk-crypto-exchange) globally, particularly with the US securities and commodities regulators, to enhance regulations where necessary. This is because many companies offer services on an international level. The FCA has also warned that failure to register before conducting business may lead to criminal charges.


yellow image of London with FCA logo overlayed

UK FCA Explains Low Crypto Firm Approval Rate

## HM Treasury seeks to hire new UK CBDC head 

The UK Treasury is seeking to fill the position of "head of a central bank digital currency" (CBDC) to spearhead the government's efforts to create a digital pound.

The United Kingdom has been mulling introducing the UK CBDC, and there are plans to launch a public consultation soon.

According to a [LinkedIn job posting](https://www.linkedin.com/jobs/view/head-of-central-bank-digital-currency-at-hm-treasury-3452118143/?originalSubdomain=uk), the successful candidate will, in collaboration with the CBDC task force and the Bank of England, lead the exploration and development of the country’s central bank digital currency. The role of the UK CBDC chief, which is separate from the crypto-assets and digital currencies head, is in tandem with the existing Payments and Fintech Team.

## Ensure they get the UK CBDC design right

Reports indicate that from as early as 2020, the Bank of England was [already chasing the CBDC](/news/article/cbdc-uk) use-case dream in collaboration with other central banks worldwide. Britain's Financial Services Minister Andrew Griffith stated on January 10, 2023, that the country’s [immediate priority](https://www.reuters.com/world/uk/britain-push-ahead-with-readying-ground-digital-pound-2023-01-10/) was to ensure they get the UK CBDC design right. Saying the planned public consultation would be addressing the question of if and not when Griffith said he "would rather be right than be first".

A CBDC is a digital currency, but unlike cryptocurrencies, it’s issued by a central bank. There won’t be any physical money, such as coins or notes, produced, meaning the UK CDBC would only exist in electronic form. According to a report dubbed "[Future of Payments](https://www.omfif.org/about/)" by OMFIF (the Official Monetary and Financial Institutions Forum, an independent think tank focusing on public investment, economic policy, and central banking, at least 100 countries globally are at a particular stage of exploring or developing CBDCs.

## The clearest indicator

The report further stated that at least two-thirds of the central banks surveyed by OMFIF had plans to issue CBDCs within the next ten years. [Statistics in the public domain](https://www.atlanticcouncil.org/cbdctracker/) indicate that all of the G-7 economies and at least 18 others from the G-20 are [working on their CBDCs](/news/article/bank-of-spain-cbdc-project). China leads the larger economies as its digital Yuan is on a trial run. 

The UK's Financial Services Minister assured MPs late last year that there would be a lengthy consultation before the introduction of a CBDC.

The Bank of England maintains there [wasn’t a substantive decision yet](/news/article/cbdc-bank-of-england) on its introduction. However, Deputy Governor Jon Cunliffe suggested that the [FTX fiasco](/news/article/ftx-exchange-under-investigation) and its impact on the crypto sphere was the clearest indicator of the need for a digital pound.


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