With the with the establishment of the Digital Finance Institute in the UK, and the relocation of high profile cryptocurrency companies already hitting headlines last month, it now seems as though Britain has gone a step further – released intends to – as far as digital currency adoption is concerned. Contrary to a number of other leading developed nations, UK policymakers are fighting for (and moving towards) digital currency adoption without excessive new laws and regulation. The figurehead of the movement at present is UK Treasury committee member of Parliament Steve Baker – a recently elected seat on the Treasury select committee.
Baker, a bitcoin using self, spoke at the House of Commons:
Bitcoin should be regulated by the ordinary commercial business laws with no additional regulation. It is a big ask. It is saying to people, you can buy bitcoin, but don’t come running to us if the exchange goes down or you lost your wallet
He went on to say:
The government should get out of the way of innovation – as long as it is lawful… I’m a great believer in personal responsibility. I would say cryptocurrencies right now are accessible to a tiny portion of the population who are both technically competent and sufficiently willing to take risks and so forth.
In contrast to the rush to implement unnecessary – and somewhat ineffective – regulatory measures we’ve seen from countries like the US and Russia, it looks as though the UK is prepared to take a somewhat different stance towards bitcoin and the future of cryptocurrency. Let’s hope so.
What do you think? Let us know!