“Bitcoin Bank” Circle announced that people in the U.K. can now experience social payments over the open Internet in their native currency, pound sterling (GBP), using Circle’s updated apps for Android, iOS and the Web. The company was granted an e-money license by the U.K. Financial Conduct Authority.
Circle is extending the ability to hold and pay in U.S. dollars, available in all U.S. states, to Circle account holders in the U.K. British Circle users are now able to hold GBP and make GBP payments instantly, with zero fees. Circle also announced that it’s eliminating transaction and withdrawal limits for customers in all of the 150+ countries where Circle is available.
“Over the past year we’ve worked closely with such forward-thinkers in the U.K. government and banking sector to bring this new social payment experience to U.K. consumers,” said Circle co-founders Sean Neville and Jeremy Allaire. “As the first digital currency company in the world to be granted an e-money license, Circle will also offer the benefits of digital money to Europe’s 500 million consumers, and ultimately enable anyone with sterling or euros to send and receive value for free and with an experience familiar to anyone who uses messaging or social media.”
The move, and the envisaged extension to Circle customers all over Europe, is a godsend for the many users who wish to earn and spend Bitcoin without having to worry about the volatility of the digital currency. Though the Bitcoin exchange rates have been remarkably stable over the last few months, and some observers believe that the days of wild volatility are over, the fact remains that the more and more workers earning their wages (or part of their wages) in Bitcoin, with bills to pay and families to support, aren’t able to tolerate volatility and need effective shields.
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