According to the head of one of the world’s largest financial advisory organizations, if Britain is to avoid recession after leaving a number of EU member states, cryptographic currencies such as bitcoin should be adopted by the British financial services industry.
Bitcoin is the future
Nigel Green, CEO of deVere Group, argued that Brexit is seriously threatened by the recession in the UK and that the financial services industry – a key part of the country’s economy – is facing a loss of investment.
However, he said that digital currencies could provide a solution to the Brexit problem, as a UK free of European legislation would be in a better position to become a leader in the emerging cryptographic industry than its European neighbours.
– “London is – at least for the time being – the largest and most important financial centre in the world. But its dominance is fading away as Brexit throws itself into the uncertainty,”
said Green, adding that the growing cryptographic currency market has already brought tangible economic benefits to other major economies. The UK, after Brexit, will be uniquely placed to go even further and, by adopting it, will be able to restart the UK financial services industry.
“- I believe that cryptographic currencies can and should radically help to change the fate of the British financial services industry. When the UK is outside the EU, it will not be obliged to follow the notoriously slow and cumbersome bureaucratic protocols of this bloc. It could quickly establish its own rules and regulations and create an innovative, pro-business, well-regulated market. In this way it could be placed alongside other cryptographically friendly jurisdictions such as Japan and Switzerland – and overtake many EU Member Countries… Britain is already a thriving global technology and blockchain centre. While other jurisdictions are focusing on the present, Britain should be focusing on the future to stay ahead of the competition,” Green said.
In his opinion, cryptographic currencies – digital, global and boundless – are undoubtedly the future of money. This can be seen in the growing amount of retail and institutional investments in the developing sector.