However, there is one area of the economy that hasn’t received much attention until now: cryptocurrency. British politician Matt Hancock told The Express that Brexit provides the United Kingdom with the chance to establish a “dynamic” regulatory framework for cryptocurrencies rather than being compelled to adopt the EU’s “restrictive” structure. The Member of Parliament also believes that the technology might open up new opportunities for the United Kingdom. When Hancock was explicitly asked whether crypto may play a role in a post-Brexit economy, he responded affirmatively: Questioned on whether he has invested in Bitcoin himself, Mr. Hancock said: “I haven’t yet, but I’d consider it,” he added:
Regulation needed in crypto
Cryptocurrency advocates claim that it can help democratize the economy by establishing an open market. Aside from this, they think that technological advancements will enable economies to function more efficiently by removing many of the bureaucratic obstacles to trade. Critics, on the other hand, worry that cryptocurrency is effectively creating an unregulated market and that assets such as Bitcoin are volatile, making them dangerous investments. On the matter, Hancock added that the UK would need to take a “regulatory approach,” in terms of adoption, he said: On January 26, speaking to MP’s in the House of Commons, the current Member of Parliament for West Suffolk had argued the case for the UK policies being made around new innovations such as FinTech and cryptocurrencies claiming the UK could be home to the future technologies.
