UK MP Says Cryptocurrencies Are A Force For Good

Contentious Parliament member, Matt Hancock, is progressively showcasing his full-fledged support for crypto. On 6th April 2022, he uploaded a video make-over of himself advertising the asset class in a “London Cryptocurrency Club” gathering.

Matt’s Declarations

Presently, Matt has become enthusiastic about crypto, and he continues to express his interest in cryptocurrency investment and blockchain technology. Reports released by the United Kingdom news outlet, Daily Express, showed that the Lawmaker was against the position of the European Union on Crypto, stating that they are too strict on the matter.

On the day of the Daily Express report release, Matt Hancock uploaded the video on Twitter showing himself expressing his convictions on the potential that crypto has in bringing change.

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The Parliament member, in his statement, said that although there are corrupt actors in the Cryptocurrency community, it’s not much of a problem. He went on to say that as long there are appropriate regulations, risks can be mitigated using the transparency of the blockchain.

“The advent of Cryptocurrencies is a good thing for the world.” Corrupt people would indeed misuse all sorts of currencies, including crypto. The good thing is that a currency built on a blockchain with the proper regulation is more transparent.

Matt backed up his arguments with the current feats of the FBI and the United States DOJ in identifying corrupt crypto actors. The UK Parliament member confesses that the whole job of law enforcement officials in the Crypto sphere can be more challenging with some tools, but it doesn’t mean that the system is completely bad.

On the 6th of April, Matt was in talks with the daily express. He told them that he expects blockchain technology to significantly impact the United Kingdom’s economic landscape. 

Most importantly, Binance’s CZ tagged Matt’s tweet and revered him as an Expert and a great thinker. The lawmakers’ video is coming after the shocking revelation of the plans of the United Kingdom Treasury to make London a Worldwide Cryptocurrency hub.

A Dramatic Turn Of Events

Matt’s statements portray the new developments rising in the Finance Ministry. The finance ministry has declared plans to make the United Kingdom a Cryptocurrency hub from news reports. This development took many stakeholders by surprise, looking at the recent actions of the financial conduct authority (FCA).

Last week, news headlines forecasted a suppression of crypto and the movement of cryptocurrency organizations from the country. Previous Minister of Finance of the UK, Phillip Hammond, who is presently an Advisor for  Cooper, a Cryptocurrency organization planning to leave the UK,  earlier said that UK regulators had messed up cryptocurrency regulations. 

Nonetheless, the new position has boosted the confidence of many Cryptocurrency investors, considering the plans to accept stablecoins as a currency, which would be a significant feat. As it is now, countries are actively racing to overcome the competition in blockchain development, which means better prospects for cryptocurrency.

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