A British MP has said he is considering investing in Bitcoin, adding that ‘the UK could be at the forefront of a global revolution.’ Leaving his party to purchase bitcoin without penalty from the government, Matt Hancock said “there’s some very interesting arguments to be made for and against it.” He added that he believes bitcoin can become a major global currency and that it is a “great experiment” for the country if the UK manages to lead in this.
British MP Matt Hancock To Join The UK Crypto Boom
The Conservative Party’s Matt Hancock says Britain could create a “dynamic” regulatory environment for cryptocurrencies rather than following the EU’s restrictive regulations.
The country can take advantage of crypto innovations due to Brexit, he noted.
“Instead of relying on the restrictive regulatory regime of the EU, we can design our own that is more dynamic,” Hancock told Express.co.uk in a recent interview.
In response to a question about investing in bitcoin, the British MP said he hadn’t so far, but would do so now. It was noted that blockchain and other technologies have “lots of potential” in areas such as smart contracts and payments. Among the innovations offered by these technologies is transparency.
Hancock said digital assets are poised to disrupt the financial sector similarly to how social media has disrupted communication.
Britain Has a Legacy of a Liberal Regulatory System
He explained that Britain has always had “a liberal regulatory system” when it came to currency trading or the Eurobond market. “So we should be the home of cryptocurrencies too,” he added.
As a leader in financial innovation, the MP for West Suffolk asserted that Britain has always enjoyed strong prosperity, including having its own central bank.
There is already a crypto system in use. In Britain and around the world, it has become more common. I don’t think we can control whether or not it happens. We could shape it to benefit as many people as possible.
Could the UK be the next crypto-hub?
Like much of the rest of the world, the UK is still developing policy thinking about cryptocurrencies. As defined by the UK government, crypto assets are not banned. A lack of financial regulation also exists in this area. However, the financial sector watchdogs are now calling for greater scrutiny and regulation.
Financial Conduct Authority (FCA), the UK’s top monetary regulator, proposed making advertisements for high-risk investments such as digital assets more stringent last month. Companies should not be able to promote crypto assets to investors who do not possess strong financial knowledge because investing in crypto assets requires sound financial knowledge.
Chancellor of the Exchequer Rishi Sunak also raised concerns about misleading advertisements as obstacles to cryptocurrency growth. However, Hancock suggested a “regulatory approach.”
It is important to regulate, he said, to ensure that adverts are not deceptive, and to ensure that exchanges are trustworthy and don’t take advantage of clients.
Hancock’s stance on cryptocurrencies coincides with similar positive comments from Chancellor Sunak, who said crypto presents new opportunities.
In addition, the platform highlighted Hancock’s recent comments in parliament that the UK can become a leader in fintech and crypto after Brexit.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
