Cryptocurrencies, blockchains, non-fungible tokens, decentralised currencies these are all the buzzwords going around the world. But in reality, they are much more than just internet hype and could might as well be future of finance.
NFTs are non-fungible tokens which are digital assets representing real world objects like pictures, art, music, in game items. NFTs are bought and sold online. Each token has its own unique identity unlike cryptocurrencies which are fungible. In the recent years NFTs have skyrocketed because of large interest from celebrities. Indicated in most Cryptocurrency news and updates channels.
Considering the rapid growth of these digital assets, on 4th April the UK government announced that they plan to mint their NFT in an attempt to become world leader for the crypto and blockchain market.
The U.K. Finance Minister Rishi Sunak has asked the Royal Mint to create and issue the NFT “by the summer.” City Minister John Glen announced a number of steps the U.K. will take to bring digital assets under more regulatory scrutiny. Glen says the government wants Britain to “lead the way” in crypto. Their plans also include to
- Bring stablecoins within the U.K.’s existing regulations on electronic payments.
- Consult on a “world-leading regime” for regulating trade in other cryptocurrencies, including Bitcoin.
- Ask the Law Commission to consider the legal status of blockchain-based communities known as decentralized autonomous organizations, or DAOs.
- Examine the tax treatment of decentralized finance (DeFi) loans and “staking,” which gives crypto users the ability to earn interest on their savings.
- Establish a Cryptoasset Engagement Group that will be chaired by ministers and host members from U.K. regulators and crypto businesses.
- Explore the application of blockchain technology in issuing debt instruments.
Stablecoin cryptocurrencies are highly volatile and unpredictable since their value id derived from foreign currencies like U.S. Dollars. Tether is the world’s biggest stablecoin and has a supply for more than 80 billion. Tether is criticised a lot as well due to the lack of transparency around its reserves. UK government seeks to bring them in their regulatory system.
Coinbase account restricted
While trading cryptocurrencies users sometimes come across various issues and getting your Coinbase account restricted is one of them. But its not a serious problem, it can be solved easily. First let’s understand why our account gets restricted
- Violation of coinbase user agreement
The most common reason for many temporary account freezes is violation of coinbase user agreement. If you do not follow the given terms and conditions, your account can be limited or even be deleted.
- Unusual activity on your account
Coinbase can also restrict your account if there is any unusual or suspicious activity. This is usually done to reduce the risk of loss of user’s assets.
- Failed to complete verification process
Verifying your identity is a very crucial process. All the important activities such as linking you bank account, withdrawing money or making a purchase, verifying yourself is mandatory. If you fail to verify yourself then your account will not service
Your phone number, email id, account data and more needs to be correctly verified in order to access all the features available on coinbase platform
HOW TO RESTORE YOUR ACCOUNT?
Whenever your account is restricted coinbase always send you an email on your registered mail stating the reason for restricting your account. Below are some methods you can imply to fix your account.
- Perform a password reset
If you are facing login issues or credential mismatch you can simply perform a password reset. A verification mail will be sent to your registered email address along with a link to reset your password.
- Try contacting coinbase support
If there is problem with the transactions or you are unable to make any purchases, withdraw money then this is the best solution for your problem. You can contact coinbase. The team will ask your personal details to verify your account. They will then confirm the reason for the freezing and will provide youy with the solution as well. Contacting the customer support is the best course of action in the events of an account freeze/restriction
coinbase offers 24/7 support. coinbase crypto exchange has call support, you can contact their toll-free helpline +1 888 908-7930. If you do not prefer call support, then coinbase crypto exchange also provides an email address so users can also mail their issues