The UK is becoming a global Hub of Blockchain and Cryptocurrencies

The UK seems to be on track to join the ranks of the big leaders in the cryptocurrency and blockchain industries like Japan , Germany and Malta . The nation already has a financial environment conducive to the development of the sector despite some mistrust of banking institutions.

Dominate the Blockchain and Cryptocurrency industry

Big Innovation Center, DAG Global and Deep Knowledge Analytics conducted a thorough investigation of the UK's position on emerging technologies. Government and industry resources tend to make the country "a global hub" of the Blockchain and virtual currencies by 2022 , according to the results of the study.

Sean Kiernank, CEO of GAG Global believes that the UK is already a well-established financial center. Its growing adoption of Fintech products is expected to maintain its position among technology giants around the world.

"The UK is a major global financial center and in recent years has also become a leader in financial technology. In the same vein, he begins to demonstrate significant potential to become a leader in Blockchain technology and the cryptocurrency economy. The gap between the world of traditional finance and cryptocurrency remains, but in the years to come we can expect it to diminish and eventually disappear, "Kiernank said.

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Big investment in the Blockchain sector

Big Innovation Center, DAG Global and Deep Knowledge Analytics have highlighted the use of funds of more than £ 500 million for the large distributed registry domain.

In addition, the country's parliament recognizes the value of technology. Birgitte Andersen, Managing Director of the Big Innovation Center, echoed Kiernank's comments, stating:

"The UK Parliament recognizes the importance and disruptive potential of Blockchain technology. Various government initiatives have demonstrated parliament's commitment to supporting the accelerated development of the digital economy. We are still in the early stages of developing the Blockchain industry and the huge impact it will undoubtedly have in Britain and around the world. "

Also, the United Kingdom has formed a working group to study the advantages and disadvantages of cryptocurrencies. This demonstrates his increased interest and commitment to the industry.

The Bank of England is blocking

Mark Carney, the governor of the Bank of England, continues to denigrate virtual currencies. He said earlier this year :

"The answer is simply this: they fail. Crypto-currencies are poor value storage. This extreme volatility reflects the fact that virtual currencies have neither intrinsic value nor external support. "

Sam Woods, the vice-governor of the Bank of England, thinks no less.

"In their short history, crypto-currencies have been highly price volatile and relatively illiquid. They also raise concerns about misconduct and market integrity. Many seem vulnerable to fraud and manipulation, as well as to the risks of money laundering [Editor's note: report on opposites ] and terrorist financing [ndrl: same remark as before ], "he said. asserted in late June.

The opinion of the Bank of England is clear and a change of heart would be surprising. But it remains to be seen whether UK regulators and regulators will favor the industry, which would put the nation at the forefront as a technological leader.

Do you think the UK is on track to become a world leader in Blockchain technology and the cryptocurrency economy? Tell us in the comments below.