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UK Chancellor Sees a Big Future for Digital Currencies

Last Updated March 4, 2021 4:45 PM
Samburaj Das
Last Updated March 4, 2021 4:45 PM

UK FlagUK Chancellor George Osborne who has previously declared his intention to explore digital currencies like Bitcoin has now reiterated his stance during a recent conference in London.

The UK’s Chancellor of the Exchequer, George Osborne spoke about digital currencies at the Bank of England’s Open Forum conference.

The Chancellor reiterated the UK Treasury’s recent stance of welcoming Fintech investment and opening the doors for the UK to be a major destination for new financial technology.

As reported  by The Financial Times, Osborne said:

I want the U.K. to be the global center of fintech. We will go out of our way to make that happen.

He added that British regulators will help provide “the space where innovation can happen.” Osborne’s comments come after Harriet Baldwin, MP, spoke recently on behalf of Her Majesty’s Treasury on plans to set future economic policies in the UK to be embracing of blockchain technology and digital currencies.

According  to Bloomberg, Osborne also bought focus to “once dismissed” digital currencies. He noted:

[Digital currencies] may now well play a big part in our financial future.

In August 2014, the Chancellor of the Exchequer announced a public call by the Treasury that sought to gain a better understanding of cryptocurrencies and assess the benefits and threats of digital currencies to the UK’s economy.

The public comments and ease of regulations has helped the UK in being the go-to destination for Fintech investment. In 2014, 42% of the total investment into Fintech went to the UK, totaling £410 million (approx. $620 million), in an industry that sees 135,500 employed within the UK.

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