Several nations are setting down laws and legislation to regulate the spread of cryptocurrencies. The current government to implement measures on the fast-rising industry is the U.K.
A local media outlet, the U.K. post-Brexit, reported that the House of Commons agreed that the cryptocurrencies had the potential to interrupt the country’s financial market.
Some of the ministers on board with the decision included Matt Hancock, West Suffolk’s member of parliament. Hancock termed the technologies as economic drivers and stated that if the country implemented them efficiently, the country would develop one of the leading markets in the world.
The reasons for the legislation being implemented in the U.K
The U.K. plans to implement Fintech and other cryptocurrencies in the types of currencies. The country believes in the tech’s transparency and plans to utilize it to control fraudulent crimes.
Hancock stated that the implementation meant that the country was not left behind through his Twitter account. However, he argued that this was a bonus and not a factor that people should worry about.
Due to the implementation, the U.K. possesses a high probability of being the home Fintech. Furthermore, Hancock reiterated that the country’s implementation would position the country among the top influencers in the cryptocurrency industry.
Hancock’s contributions to the rise of cryptocurrencies assist the revolutionizing technology to effect transparency and authenticity. However, the country has implanted various strict policies that hinder the spread of cryptocurrency.
Certain implementations include compelling consumers to issue a 2% digital service tax after the amendment of Her Majesty’s Revenue and Customs (HMRC) regulations.
Hancock compared cryptocurrency growth to social media
During the house of common discussions on the implementation of cryptocurrency, Hancock compared its rapid growth to that of social media. He reiterated that the effects of social media disrupted the communications sector, just like cryptocurrency has the potential to disrupt the economy.
Although some of the houses of common members do not support cryptocurrencies, they agreed that the industry did require regulations. The members argued that preventing its spread would hinder economic growth. However, proper implementations should be put in place to protect all consumers.