New UK government reaffirms pledge to embrace cryptocurrencies

New UK government reaffirms pledge to embrace cryptocurrencies

The new British government has reaffirmed the pledge made earlier this year for the country to become a hub for cryptocurrencies.

Since Boris Johnson left office it has not been widely known whether the new conservative government would continue with its goal of becoming a central hub for cryptocurrencies in Europe.

Also, since Liz Truss became the new British Prime Minister on Tuesday, there has been speculation as to whether her new government would continue down this path, given that the Bank of England has shown itself to be rather sceptical about the crypto sector, although its governor has acknowledged that the technology coming out of the sector is interesting.

However, we now know that Liz Truss has definitely reaffirmed her commitment to crypto, and this was confirmed by her Private Secretary, Alexander Stafford.

Richard Fuller, the Economic Secretary to the Treasury also confirmed the UK pro-crypto stance by saying that the government wants the UK to be the “dominant global hub for crypto technologies”.

In quotes taken from the UK Tech Sector website Business Cloud, Fuller stated:

“As crypto technologies grow in significance, the UK government are seeking ways to achieve global competitive advantage for the United Kingdom,”

He added:

“We want to become the country of choice for those looking to create, innovate and build in the crypto space. By making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of UK financial services into a new era.”

It does rather seem that the new UK government has understood the almost limitless opportunities that arise out of blockchain and crypto, and looks set to continue the path first announced by Rishi Sunak, the then Chancellor of the Exchequer, that it would be welcoming crypto projects to UK shores.

Fuller went on to say that the UK could just be a spectator of this transformational technology, or it could “become the best place in the world to start and scale crypto technologies.”

He ended with the following statement:

“We want the UK to be the dominant global hub for crypto technologies, and so will build on the strengths of our thriving FinTech sector, creating new jobs, developing groundbreaking new products and services.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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