Brexit News: Britain urged to seize major cryptocurrency opportunity | Politics | News
The UK has tentatively started regulating and diving into cryptocurrencies and digital currencies, but Joseph Robertson thinks this could be a golden opportunity for post-Brexit Britain. Mr Robertson, director of the Orthodox Conservative Group think tank, told Express.co.uk that post-Brexit Britain “has become an influential beacon” and could use it to move forward in new digital domains, such as cryptocurrency.
He said: “Post-Brexit Britain, whose positive influence and refreshingly independent sovereignty on the world stage has become an influential beacon in recent months, must again take the lead in this vital future aspect of all modern national economies of the first world.
He added that “swift national action” in the first case could give the UK a leg up on the rest of the world.
But delaying would mean Britain ‘risks emerging as a second-rate economy in the future digital age’.
Earlier this month, the UK Treasury said it would regulate certain cryptocurrencies in a bid to attract digital payments investment to the UK.
These designated “stablecoins” will become common ways for people to pay for items in stores, as well as goods and services.
These are cryptocurrencies that are linked to recognized assets or established currencies, which makes them less volatile than Bitcoin.
The Treasury added that it would consider adding other cryptocurrencies in the future.
Chancellor Rishi Sunak said: “We want to see the [cryptocurrency] businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest for the long term.”
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“But we believe that by making this country a hospitable place for crypto, we can attract investment [and] generate whole swaths of new jobs.”
The EU has taken a cautious approach to cryptocurrencies, with the European Parliament calling cryptocurrencies “both hugely promising and problematic.”
The EU is set to introduce new legislation to “curb threats” from cryptocurrency and provide “legal certainty”.
Cryptocurrencies are traditionally anonymous, but the rules aim to provide “transparency, disclosure, authorization and supervision of transactions”.
In April, the European Parliament launched negotiations with EU member states to put in place rules on cryptocurrency assets, including identifying sources and destinations of transfers.
But the UK’s place outside the EU in the cryptocurrency scene was outlined by Mr Sunak a year ago, when the Chancellor unveiled a joint Treasury-Bank task force. from England.
The task force was part of an initiative to strengthen the city after Brexit.
Mr Sunak said: “The UK is already known for being at the forefront of innovation, but we need to go further.
“The steps I’ve outlined today to spur fintech growth, push the boundaries of digital finance and make our financial markets more efficient will propel us forward.
“And if we can seize the extraordinary potential of technology, we will cement the UK’s position as the world’s preeminent financial centre.”