United Kingdom’s economic secretary aims to make the country a global cryptocurrency hub

Richard Fuller, economic secretary, United Kingdom’s Treasury, stated that the country’s government aims to make the country to be a global hub for cryptocurrency technologies, as reported by Cointelegraph.

According to Cointelegraph, in a parliamentary debate around cryptocurrency assets regulation, Fuller showed support towards use cases of cryptocurrency and blockchain technology, including the use of distributed ledger technology (DLT) in customs, international trade and keeping of medical records on blockchain. The parliamentary private secretary Alexander Stafford spoke on how the country’s recently elected prime minister Liz Truss has reaffirmed her commitment through internet connectivity for UK residents, to allow access to buying and selling of cryptocurrency-based transactions. 

“As crypto technologies grow in significance, the UK Government are seeking ways to achieve global competitive advantage for the United Kingdom,” Fuller said.

On the basis of information by Cointelegraph, Fuller stated that under Truss’ leadership, the country’s government intends to go ahead with the Financial Services and Markets Bill to develop a regulatory ecosystem for stablecoins. Additionally, he expressed support for the Economic Crime Act to give law enforcement ability to seize and recover cryptocurrency assets.

“The UK can either be a spectator as this technology transforms aspects of life, or we can become the place in the world to start and scale crypto technologies. We want the UK to be the global hub for crypto technologies, and so will build on the strengths of our fintech sector, creating new jobs, developing new products and services,” Fuller added.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds, with news, analytics, cryptocurrency price charts, opinion pieces, and reports on the transformation that digital currencies bring.

(With insights from Cointelegraph)

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