The UK can be the home of cryptocurrency, according to Matt Hancock, as watchdogs scramble to regulate the emerging digital asset.
Speaking in the Commons earlier today, the minister hailed the UK’s blossoming fintech industry, urging that it can be a sector in which the UK is a world leader.
“These innovations have the potential to disrupt finance, just as social media has disrupted communications or online shopping has changed retail,” said Hancock.
“And post-Brexit, the UK has the chance to be the home of fintech which can not only be an economic driver but also help to cut fraud and financial crime because of the transparency that it brings.”
The minister wanted to ensure new legislation being hauled in to support and regulate the emerging industries are “fit for the future, so Britain can be home of this revolution”.
Hancock has been a supporter of crypto-technology for some time, suggesting the government use blockchain tech to monitor the distribution of grants back in 2016.
Today, he added: “Done right we can increase transparency and lead in new world-changing technology.”