Bitcoin Enact Catalyst , Fintech Boomed Up In Europe
Bitcoin is enacting as a catalyst when it comes to unexpected growth of Fintech companies like Amazon, Paytm, Square Inc. etc. Initially considered as flop show these companies have came up with flying colours. This is really troublesome for the European Union (EU), as Mr. Chee notes, Revealed “Britain’s withdrawal from the EU has put forward an urgency as dealing with such competition where 80% Fintech companies are based in Britain.” In any of the country when we campare United Kingdom where bitcoin , bitcoin-associated businesses , including payment services, exchanges, mining pools, and start-ups. Even Retailers are accepting bitcoin everywhere in UK.
Europe’s Pride & Ego Problem
Overnight progression of fintech companies, and those related made venture funding of billions from a lucrative lending market. Earlier thought to be institutionally locked down now have changed the economic scenario of UK .These unconventional players found an opening that too by trusted institutions could not be bothered with. Commission entered into to kick Start Competition, banking industry is preventing rival services from accessing customers’ antitrust authorities are probing the facts. In an online announcement the Commission mentioned that it has concerns with the companies which are involved and/or the associations representing them may be engaged in anti-competitive practices which is breach of EU according to antitrust rules. The Dutch Payments Association stated that acknowledging being under investigation [By The Commission] and is confident in the outcome of the investigation.”
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