No progress on Blockchain since 2008 Hears UK Parliamentary Committee
A House of Commons committee has heard that there has been little or no progress in blockchain technology since it first appeared in 2008. However, comments may have fallen on deaf ears, as there is growing evidence that the UK is embracing blockchain additional.
The ever-skeptical David Gerard made the statement to the Science and Technology Committee last Wednesday, in a testimony that went largely unnoticed at the time. Previously TodayThe committee published Gerard’s controversy on its Twitter account, and received more attention.
According to Gerard, blockchain was about promising something “fabulous” in the future, while failing to deliver something worthwhile in the present.
“You expect more to appear now,” Gerard said. “It has been 13 years. Consider other technologies that became prominent at about the same time. iPhone. If we sat here 13 years later and said “I wonder if anyone will find a really good use for an iPhone”, it would not be convincing. “
Openness and transparency
While Gerard gave his tired and predictable anti-blockchain routine, other speakers on the committee were decidedly more positive about the industry. Dr. Tom Robinson from the chain analysis firm Elliptic was one of the speakers who argued positively for crypto. Dr. Robinson told the committee that one of the advantages of the blockchain, in stark contrast to the fiat, was its openness and transparency.
“The criminal use of crypto can be identified and tracked,” Robinson said, “and that’s because of the inherent transparency of blockchains.”
In a classic example of tailoring your message to the public, Robinson went on to say that using chain analytics software like theirs allows exchanges to screen incoming transactions and meet their money laundering (AML) obligations.
Robinson would probably like to sell the same blockchain analysis service to British regulators as well.
Stable movers and shakers in the blockchain sector
The UK is still considering how best to legislate the blockchain industry as a whole, but there are some early indications that after Brexit, the UK may choose to embrace the industry, and pursue a lighter regulatory touch than in mainland Europe.
In April, the British Chancellor of the Exchequer, Rishi Sunak, set out his ambition “to make the UK a global hub for cryptocurrency technology.” As part of this work, the country plans to bring stable coins “within the payment regulations.”
In June, Tether announced its plans to launch GBPT, a pound-fast stable coin for the UK market.
“We believe that the UK is the next front line for blockchain innovation and the wider implementation of financial markets for cryptocurrencies,” said Paolo Ardoino, CTO of Tether. “Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued use of Tether stablecoins.”
In a press release from Tether’s offices in the British Virgin Islands, the company went on to say that the GBPT “will strengthen the British pound as one of the most dominant currencies worldwide.”
The ellipse becomes a circle
Even as the EU tightened its crypto screw with its anti-AML legislation on Wednesday, Coinbase chief Brian Armstrong spoke to his London staff. The Coinbase chief had flown into the UK to pursue further expansion plans in the region.
On Friday, Coinbase claimed the special importance of the UK, revealing that it was the company’s largest market outside the US
On Sunday, Armstrong took to Twitter to compliment regulators on both sides of the Brexit divide.
“Nice to see the EU and the UK leading here,” he said Armstrong. “This is likely to be a model for other countries to follow. Clearer cryptocurrency regulation is going to be a huge unlock. [the] next cycle. “
Armstrong went on to say that EU legislation was big news, “which went largely unnoticed.”
With Britain now deciding how best to regulate industry, now is the perfect time for Armstrong and others to do their part – that easier regulation can position the country favorably compared to its European neighbors. Coinbase publicly stated that it plans to work closely with regulators and legislators to ensure that the company meets all required compliance standards.
In this attempt, the US stock exchange can always ask for help from its compliance AML partner; the London-based chain analysis company Elliptic.
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