The current approach of the UK government to the crypto issue is to focus on developing a functional framework within which blockchain technology can be seamlessly integrated into the UK monetary system without causing any harm. In his April speech, the representative of the national treasury said that the country will be investigating new ways to allow crypto assets to be traded. The government also believes that the UK must become the next big crypto hub for the whole world.
The recent word from Matt Hancock
MP Matt Hancock states that the country must lower taxes for investment operations related to digital assets including cryptocurrencies and NFTs. It must be done to ensure that the industry can grow within the UK economy.
If the country truly wants to be at the forefront of the new digital global economy, it is essential to allow this sector to naturally develop within the country’s borders. However, some conservative politicians in the nation are not really for any changes and do not want to approach cryptocurrencies as alternatives to fiat. Many think that these assets are securities, a notion also expressed by the SEC in the US.
On the other hand, lawmakers who think more progressively about the economy’s future may understand that cryptocurrencies have a lot of merits that could benefit the monetary system and make it more flexible by adding more options to citizens. The UK economy is also not in its best state at the moment meaning that the nation must look into the future and come up with a sound plan right now.
Should crypto be the nation’s priority?
Many countries are already actively exploring the idea of CBDC with some countries in South America and the SEA region implementing their versions in the nearest future. Some countries are thinking about using cryptocurrencies on the governmental level. For example, Iran is already buying some of its imports with crypto to avoid international sanctions.
With so many people in the world hedging against global inflation by investing in cryptographic assets, it is more than important for any country to not lag.
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