Philip Hammond: Cryptocurrencies May Give UK An Advantage After Brexit

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Philip Hammond, former UK Treasury Secretary, believes the government needs to think about using cryptocurrencies to improve the country’s financial situation.

In a recent interview, Philip Hammond argued that cryptocurrencies could give the UK a unique edge over European competitors after Brexit. He believes that bitcoin and altcoins will increasingly be used at the macroeconomic level.

“I believe that this impulse cannot be stopped. We need to act quickly and efficiently to ensure that London is well positioned, ”he said.

Hammond stressed that it is unwise to ignore cryptocurrencies, since many European countries have already begun to actively use them. He noted that Gibraltar has developed a regulatory framework that has made it possible to attract companies working in the field of cryptocurrencies.

For example, the Chinese exchange Huobi recently announced that it plans to move spot trading to Gibraltar. According to Hammond, blockchain will be the backbone of the future trading system. However, the UK authorities are neglecting the regulation of the cryptocurrency sector.

“The regulators got very distracted. We need to act quickly to show that the blockchain is recognized and accepted by UK legislators and regulators. ”

In October, Hammond said that the authorities need to change the vector of discussion of the issue so that “companies can use digital assets.” He noted that many countries – Switzerland, Germany, Canada and the United States – are already seriously looking at cryptocurrencies.

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