ForexMinute.com – Chi Onwurah, one of the shadow ministers for the UK’s cabinet office, recently appreciated Bitcoin to reduce consumers’ dependency on financial institutions. Her comments were the part of a Digital Government review – Digital Britain 2015 – launched recently by the center-leftist political party Labour.
The aforementioned report is intended towards discussing the importance of digital currency technology in improving people’s powered public services. Based on the outcome of this report, the Labour party is hoping to design a framework for pushing the cryptocurrency technology further. Its aim here is to put citizens in control of their “relationship with government, including their own data.” Chi Onwurah is designated as the leader of this campaign.
Her obvious personal response to the emerging Bitcoin and cryptocurrency technology was well-noted in a quote she offered to CoinDesk.com. She recognized the ability of these new technologies to disrupt the corrupt financial practices and putting people in-charge of their own hands.
“It’s about dispersing power away from the classic, traditional financial institution,” Onwurah said. “The public has lost trust in them, for some very good reasons. I think bitcoin and digital currencies are really an opportunity for currency to … be back in the hands of those who use it.”
She meanwhile also supported the idea of strict regulations over Bitcoin and likewise payment technologies, citing the need for consumer protection as the Bitcoin adoption grows. “Those who argue there is no need for government regulation or protection because we’ve got the Internet in the middle of the market do not understand the vulnerabilities of consumers,” she said. As an individual who has had vast experience in dealing with similar issues as a telecom and broadcasting regulator, Onwurah seems like the right person, or politician, to put forth some logical conclusions to the UK’s Bitcoin regulations.
As the country awaits an election sometime in May, it would be well to see whether its people will weigh on the “free economy” factor or not. UK meanwhile remains a great place to run a bitcoin business for now.
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