The government hopes to capitalize on the benefits that blockchain technology can bring to the private sector and the economy, and they're not going to let the fact that they're late to the party stop them!
According to Andrew Griffith, the economic secretary to the U.K. Treasury, the government is now well-positioned to regulate crypto in a "pragmatic" and "proportionate" manner. In other words, they're not going to let things get too wild and crazy (unless they're talking about the royal family, of course).
Griffith also made reference to the U.K.'s exit from the European Union, saying, "We've got control back of a rule book - not something the U.K. has had for decades." It seems like they finally upgraded from flip phones to smartphones and now they want to beat Donald Trump in Candy Crush.
The regulatory framework for crypto will combine existing financial asset laws with new crypto-specific rules. The combination looks like a mix of a classic cup of English Breakfast tea with a newfangled matcha latte - it might seem strange at first, but it could turn out to be the perfect blend!
Griffith also mentioned the possibility of a central bank digital currency, or "Britcoin," but warned that it has a longer "lead time" and won't be seen within the next year. It's like waiting for the Queen's corgis to learn new tricks - it might take a while, but it'll be worth it in the end.
Of course, there are still some concerns to be addressed, such as privacy and the technology of the digital pound. Griffith wants to see a policy debate "thrashed out" to ensure that all concerns are addressed. It's nothing different from the point when you and your mates argue about what's the best kind of tea - some like it strong, some like it weak, and some just want to add milk and sugar to everything.
Overall, the U.K. is finally embracing the crypto world, and they're ready to join the party with their own unique flair. They might be fashionably late, but at least they're bringing tea and crumpets! Now if only they can do something about their weather, we'll all be set.
