Bitcoin Can Bring Multiple Benefits for Users, Believes U.K. Minister

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Bitcoin Can Bring Multiple Benefits for Users Believes the UK Minister

Ed Vaizey, the U.K.’s minister for the Digital Economy believes that as Bitcoin can bring a lot of benefits for users,  the government is still looking at the tech. According to him, he sees potential for e-payments to bring multiple benefits to consumers and businesses; however, there are some inhibitions as well with respect to digital currencies.

He says that an uncertain and globally uneven regulatory environment around digital currencies injects an additional risk factor into this category of start-ups. Earlier, he had admitted that the UK is one of the best places to start a tech company as it has the skills here, particularly in London, a city that draws people from all over Europe.

Talking to the audience at a conference he had held that the current administration maintains solid ties with financial interest groups and the creation of Tech City and the recent launch of Innovate Finance ably demonstrated that this commitment is more than just hot air. However, regarding Bitcoin he questioned its place in the new vision and vim.

Vaizey also indicated that the Chancellor did not intend to let an asymmetric regulatory environment dictate the direction that the UK was preparing to take in regards to cyrptocurrency. He had then added that his department is doing a major program of work looking at opportunities in digital currencies and according to him the Chancellor had a good look at that as well.

No Policy Decisions Yet Though

He said that his department wants to make these e-payments faster, quicker and safe as much as possible. According to him, he wants to look at the kind of technologies that the digital currencies use to allow end systems to operate in a de-centralized way, with no intermediaries. Additionally, he wants to look at how the new technologies can benefit consumers and the wider economy.

Nonetheless, Vaizey believes that the Chancellor’s focus is on using payment systems and digital currencies as a way to push forward financial technologies in “innovative ways.” He realizes that his department is passionate about the sector and for that it has got research work going on about what kind of work it can do to turbocharge Fintech.

Responding to a question whether the Bitcoin review will result in legislation or policies to actively encourage cyrptocurrency technology companies, Vaizey admitted that the government is still looking at the tech. He said that he sees potential for e-payments to bring multiple benefits to consumers and businesses.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com