Different states in the United States of America have different stances against Bitcoin and other digital currencies. While some states like Texas view Bitcoin favorably, there are others like New York which are hell-bent on making things tough for Bitcoin based startups and businesses.
Meanwhile across the Atlantic Ocean in the United Kingdom, it is a completely different story. Unlike other countries, the United Kingdom is showing all signs of becoming the global hub for the Bitcoin industry. Starting from the way HM Treasury handled the initial proposals for introducing digital currencies to the recent effort by the British Prime Minister’s Office to promote Britain’s Bitcoin industry overseas, the nation has been proactively supporting the digital currency industry.
United Kingdom has been known as the financial hub for Europe. The nation has realized the importance of Bitcoin in international finance and has been working in the right direction to ensure it remains relevant even after traditional banking and finance as we know it today dies a slow death. The Innovate Finance initiative to foster innovation in the fintech sector, sponsored and supported by the City of London and other leading private, public banks and financial institutions stands as evidence. The English fintech community has accepted Bitcoin and digital currencies as the future of the economy and it is clearly visible from their participation in Innovate Finance.
British Prime Minister David Cameron, who was recently on a trade mission to South East Asia had the usual bunch of business leaders in his delegation except for one fresh face. Blockchain, the Bitcoin wallet and API company was also part of the trade mission. Having a Bitcoin company as part of the government’s international trade delegation showcases the country’s commitment towards digital currency. Government’s favorable view towards digital currency also translates to industry friendly regulations.
Participation in the trade mission will also turn out to be favorable for Blockchain, opening up South East Asia, which has a huge inward remittance market. With these recent developments, we can expect more Bitcoin based businesses to shift their base to the United Kingdom in the coming months.