No Country Can Stop Crypto Revolution, Says British Parliament Member Matt Hancock

No Country Can Stop Crypto Revolution

The need of having an open regulatory environment for Bitcoin was stressed by Matt Hancock, a Conservative member of parliament and former health minister of the United Kingdom.

The lawmaker said in a Friday interview with UKTN that the sell-off in the cryptocurrency market has not dampened his confidence in the industry. No country can halt this movement, he told the news outlet. We only have a choice as to whether it occurs locally or comes from somewhere else.

In his keynote talk on Wednesday at Crypto A.M.’s fourth anniversary conference, Hancock called for an appealing tax structure and permissive regulatory environment to allow the U.K. to become the country of choice for cryptocurrencies.

“Britain succeeds when it embraces new technology,” he emphasized.

He told UKTN that flexible regulatory frameworks for cryptocurrencies are necessary for the emerging industry to succeed.

“I hate the patronizing idea of regulators telling people what they can and can’t do with their money.”

“The job of the regulators is to make sure there is high-quality information and that the market functions effectively,” the lawmaker stressed. “What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing.”

“If we get the regulation right crypto will not only accelerate growth but make financial systems more transparent and reduce crime. We must understand and harness the potential of new technologies, not fear and avoid their disruptive power,” he stated at the London Crypto Club in April.

The current demise of LUNA has the legislator equally unconcerned. He noted that there are stablecoins with less risk and noted that the Terra debacle is an example of the industry growing.

“The crash of Luna and the pressure on other stablecoins serves as a reminder that cryptocurrencies are still currencies and the age-old rules of finance still apply,” he said.

“The underlying technology is so powerful … Just because the dot-com bubble crashed in 2001, we didn’t discredit the internet as a technology,” the British MP went on to say to the publication.

Hancock hasn’t made any cryptocurrency investments. He continued by saying that he wanted to be free to discuss cryptocurrencies without worrying about coming across as having a conflict of interest.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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