- Richard Fuller, UK Treasury Secretary for the Treasury stated that the government is sticking with its plans to become the “dominant global hub for crypto technology…
- Fuller positioned himself in favor of blockchain technology and cryptocurrencies for their use cases.
- Fuller pointed out that the new government formed by Liz Truss is determined to find ways to achieve a global competitive advantage for the United Kingdom.
Treasury Economics Secretary Richard Fuller assured that the UK government is sticking with its plans to become the “dominant global hub for crypto tech.”
Last Wednesday, September 7, the first westminster crypto debate entitled “Regulation of crypto assets”. Under this context, Fuller positioned himself in favor of blockchain technology and cryptocurrencies for their “powerful” use cases. as is the use of the blockchain for customs and international trade, said the Secretary.
Blockchain technology, as well as all the other innovations associated with it such as cryptocurrencies, have experienced the same as any other technology that implies significant changes in the status quo. There are those who have seen its potential and those who have resisted change. However, change always comes, sooner or later.
This is how the discourse around blockchain technology has mutated from being considered as something with potential but without a use case in reality to being considered one of the technologies that will define the future, and, with it, the list of institutions and companies who decide to bet on it increases every day.
UK Seeking Competitive Advantage Over Blockchain
Richard Fuller points out that “the UK can be a bystander as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies“.
He also added, “as crypto tech grows in importance”, the new government formed by Liz Truss is determined to seek “ways to achieve a global competitive advantage for the UK”.
“We want the UK to be the dominant global hub for crypto technologies, so we will build on the strengths of our thriving fintech sector, creating new jobs, developing innovative new products and services.”Fuller explained.
Evidently the Secretary of Economy sees the possible benefit that the United Kingdom would bring to be one of the first countries to bet intensively on the development of a technology with great potential. Regardless of the potential of blockchain technology itself, however, the UK’s sights on developing a nascent sector may benefit the rest of the economy.
“By making this country a hospitable place for crypto technologies, we can attract investment, create new jobs, benefit from income taxes, create a wave of innovative new products and services, and unite the current position of UK financial services. into a new era.. Fuller declared.
Also, the Secretary of the Economy noted that the United Kingdom is the main center of financial technology, second only to the United States, so it is almost a natural that Great Britain will now become the home of cryptocurrencies.
What are the plans?
Fuller claimed that The UK government plans to move forward with the Financial Services and Markets Bill, cOur goal is to establish a regulatory framework for stablecoins while proposing major changes to UK financial services regulation.
An important aspect is that the aforementioned bill not only seeks to protect consumers from stablecoins, but also adds the ability to “take advantage” of the benefits that this type of crypto asset offers to reduce costs and improve services.
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