A coalition of the best British digital economy -trading groups has urged legislators to increase support for blockchain and digital assets by calling for a devoted envoy and action plan to keep the country competitive.
On March 31, six trade organizations, including the British Cryptoasset Business Council, Techuk, Global Digital Finance, The Payments Association, Digital Currencies Governance Group and the Crypto Council for Innovation, written For Varun Chandra, the special adviser of the Prime Minister for Business and Investments.
They called for “greater strategic focus and coordination to deliver investments, growth and jobs” in the digital assets sector of the UK.
With reference to ‘recent geopolitical events’, such as President Donald Trump’s election, the groups emphasized that a global digital race is underway, because governments such as Singapore, the VAE and Hong Kong roll national strategies to attract blockchain companies. They warned that the UK should remain flexible and proactive or run the risk of falling behind.
In the letter, the group proposed the appointment of a blockchain-specific special envoy, similar to the ‘Crypto-tsar’ of the US, to coordinate policy, to promote innovation and to act as a global ambassador for the VK. They argued that this step would indicate a serious dedication to international investors and hold the country first in the development of blockchain.
The coalition also insisted on the government to roll out a dedicated ‘government action plan’ for blockchain and crypto. This would relate to identifying important growth areas, providing support for the public sector and creating a service in a caretaker style to help startups with high potential startups in the UK.
It is important that the groups emphasized the need to recognize the growing synergy between blockchain, AI and Quantum Computing. The coalition states that the use of the combined power of these technologies could unlock great progress in transparency, productivity and decentralization in the industry.
Furthermore, in support of Smart Regulation, the letter advised to create an industry-government regulator forum at a high level. This would ensure a collaboration between sector, informed policy-making and a more progressive approach to blockchain development.
The UK “Deep Polish of Talent, Access to Capital, Academic Institutions of World Class and Advanced Supervisors” Create a suitable environment where “Blockchain innovation can thrive,” the coalition added.
With reference to PWC and chain analysis, the coalition estimates that Blockchain could stimulate £ 57 billion by £ 57 billion in the following decade and can contribute to the global GDP by 2030 at £ 1.39 trillion.
The letter concluded with a call for a meeting to discuss the proposals.
