Brexit – Can Cryptocurrency Rescue the British Economy?

Ryan Thompson September 24, 2019 0

Brexit – Britain’s exit from the EU – holds a different fate for everyone,
regardless of the side of the fence you are on. From a financial perspective,
analysts have predicted interesting outcomes, especially for cryptocurrencies.
Brexit will influence regulations around digital asset management and
cryptocurrency values. Over 62% of financial analysts predict that Brexit will
cause cryptocurrency prices to rise, which should improve the way the British
trade and revitalise the economy – here’s how. 

Blockchain
technology will boom

Around 46% of analysts are optimistic that the new Britain will embrace
blockchain technology to a greater extent, leading to more widespread use. This
will be a direct result of Britain adopting a more liberal stance on accepting
the technology, paving the way for new innovations. Naturally, this could
result in more individuals investing in cryptocurrencies. Very few analysts
believe Britain would take a conservative stance towards to blockchain
technology
.

Cryptocurrencies
could hold the key to a stronger economic climate

London has always been the primary hub for economics in Britain. The effects
of Brexit have it quavering, however, the financial services sector will benefit
from a boom in cryptocurrencies. The cryptocurrency market has already
benefited a number of other economies, like Japan and Switzerland. This is
because it is borderless, not hinged to any central banking systems, enabling
easier trade across borders. 

UK industries that
will boom with the rise in cryptocurrencies

With simplified trading, comes a boom in business. Cross-border trades are
expected to benefit
greatly
, which can bring money into the country from outside,
alongside numerous local businesses. Online endeavours, too, such as casino UK websites, are likely to
prosper in a cryptocurrency age. Indeed, we can already see this happening.
Although few casinos accept cryptocurrency payments directly, there are those
such as Paddy Power that accept Neteller as a payment method.
Neteller is compatible with Bitcoin, which users can convert
and spend in the currencies the casino accepts, thus enabling people
to play slots, blackjack, roulette or whichever casino game they prefer, by
making deposits indirectly through cryptocurrencies.

Cryptocurrency and
what it means for the man on the street

As mentioned, cryptocurrency, when used with widespread technology that
facilitates a good level of user-friendliness, will give rise to the use of
these currencies. That means Britain will likely see similar trends to those
currently embraced in New Zealand. New Zealand has passed a motion which allows
employees to get their salary
in Bitcoin
. It is purely for those who prefer this payment method –
but it is hardly surprising that a number of employees are fully embracing the
new liberal stance.

Is Britain
preparing for cryptocurrency acceptance?

Crypto UK is an independent trade body that has formed in response to a boom
in the use of and demand for cryptocurrencies in the UK. It occurred when seven
different crypto companies came together to create a combined effort. They
state that regulation is imminent, and would lead to new policies to assist
those who wish to trade, safely. The group’s
goal
is to “improve industry standards and engage policymakers”.

Former UK Chancellor of the Exchequer Philip Hammond made some interesting
comments about the government’s stance on cryptocurrency. A statement revealed
that the government at the time intended to build a Fin-tech
bridge between the UK and Australia, using cryptocurrency. The idea behind it
was to strengthen both economies while providing new Fin-tech startups
with a better economic climate for such a launch. Little has been said in
recent months about that task force, so its effectiveness remains to be seen.

Reddit this article ↓

twitter