UK and Global Trade Bodies Urge The Government To Capture The Benefits Of Crypto/Blockchain
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A group of UK and global trade bodies recently decided to write to the prime minister’s office and urge the government to make a move to get more involved with the crypto industry. According to them, the government should use this opportunity to capture what they believe will be the economic and societal benefits of a new wave of digital assets and blockchain technology.
The new move comes following the election of Donald Trump, who proved to be much more crypto-friendly during his second term, which started resetting the crypto agenda. As a result, players in the digital economy sector are insisting that the UK makes its own move to get to the forefront of the new global race.
The letter was orchestrated by the country’s Cryptoasset Business Council, and co-signed by The Payments Association, techUK, Crypto Council for Innovation, Digital Currencies Governance Group, and Global Digital Finance. Meanwhile, it was addressed to the UK prime minister’s business and investment advisor, Varun Chandra.
Government Should Take Steps To Ensure UK’s Relevance In The Blockchain World
The group has made several recommendations in its letter, such as the appointment of a special envoy for blockchain, and the development of an action plan that would allow the UK government to identify opportunities and attract investment. At the same time, it would be good for it to promote blockchain adoption and encourage other businesses to use this technology and the benefits it has to offer.
The trade bodies also want a high-level industry-government-regulator forum to be established. Its purpose, according to the letter, would be to ensure informed decision-making and that blockchain policies would be forward-thinking, allowing them to provide security and regulation without hindering innovation and the continued evolution of these technologies.
Finally, the letter says that the UK has a deep talent pool, a strong academic sector, and access to capital. All of these are seen as reasons that could make the country a major player in the blockchain arena. On top of that, it also praised the government’s regulatory approach thus far, saying that it is attracting investment and talent already, but that it is vital to ensure this continues.
