Bobos & Wojaks

Get rich or die tryin

No Country Can Stop Bitcoin Revolution , Says British Parliament Member

Matt Hancock, a Conservative member of parliament and former British health secretary, emphasized the necessity of Bitcoin having an open regulatory framework.

The legislator indicated in a Friday interview with UKTN that the crypto market sell-off has not damaged his faith in the sector. He informed the news organization: No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere.

Hancock urged for an attractive tax structure and liberal regulatory framework to enable the U.K. to become the jurisdiction of choice for crypto in his keynote address on Wednesday at Crypto A.M. ‘s fourth anniversary conference. He emphasized: “Britain succeeds when it embraces new technology.”

He told UKTN that, in order to enable the new business to prosper, regulatory regimes for crypto should be flexible. “I hate the patronizing idea of regulators telling people what they can and can’t do with their money.”

“The job of the regulators is to make sure there is high-quality information and that the market functions effectively,” the lawmaker stressed. “What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing.”

Hancock has advocated for cryptocurrencies loudly. In April, he stated at the London Crypto Club: “If we get the regulation right crypto will not only accelerate growth but make financial systems more transparent and reduce crime. We must understand and harness the potential of new technologies, not fear and avoid their disruptive power.”

The legislator is likewise unconcerned by the recent collapse of the stablecoin terrausd and the cryptocurrency terra (LUNA) (UST). Noting that the Terra debacle is an illustration of the “maturing of the market,” he pointed out that there are stablecoins with less risk. Hancock opined: “The crash of Luna and the pressure on other stablecoins serves as a reminder that cryptocurrencies are still currencies and the age-old rules of finance still apply.”

The British MP went on to say to the publication: “The underlying technology is so powerful … Just because the dot-com bubble crashed in 2001, we didn’t discredit the internet as a technology.”

Hancock has not invested in cryptocurrencies. He added that he wanted to be able to “speak freely” about cryptocurrency without fear of appearing to have a conflict of interest.

The British government announced measures to encourage cryptocurrency use last month. In April, British Chancellor of the Exchequer Rishi Sunak announced various measures to make the United Kingdom a global crypto hub, to regulate stablecoins, and to produce a non-fungible token by the Royal Mint (NFT).