UK MP Says Cryptocurrencies Are A Force For Good

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  • UK MP expresses belief in crypto and blockchain technology.
  • Matt Hancock says clear regulations will improve crypto transparency.
  • The MP’s sentiments echo the latest stance by the UK on crypto.

Controversial UK MP Matt Hancock continues his vocal support for cryptocurrencies. Yesterday, the lawmaker posted a video of himself promoting the asset class in a “London Crypto Club” meeting.

Hancock’s Statements

In recent times, Hancock has become vocal about his love for crypto and blockchain technology. Just yesterday, a report from the UK news outlet Daily Express revealed that the MP was opposed to the stance of the EU on cryptocurrencies, calling it too “restrictive.”

On the same day, the MP put up a video on Twitter where he expressed his belief in the potential for crypto to bring about positive change at a meeting of the London Crypto Club. Hancock, in his speech, conceded that while it is true that bad actors exist in the crypto space, it was not a problem exclusive to cryptocurrency. However, he noted that with the right regulations, regulators could utilize the transparency of the blockchain to reduce this risk.

“Cryptocurrencies are a force for good in the world. Bad people are going to use all sorts of currencies and have since currencies were invented. That is also true of cryptocurrencies, but the advantage of a currency that is based on the blockchain is that if you get the regulatory piece right, then you get more transparency, not less.”

Hancock supported his argument with the recent exploits of the FBI and the US DOJ in tracking down bad crypto actors. The MP admits that while some tools could make the work of law enforcement in the crypto space a bit difficult, it does not discount the overall benefit of the system.

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Hancock had also told Daily Express yesterday that he expects blockchain technology to have a huge impact on the UK economic landscape. Notably, Binance’s CZ quoted Hancock’s tweet calling him a crypto expert and forward thinker. The MP’s video follows the surprising revelation of the UK’s Treasury’s plans to turn the UK into a global crypto hub.

A Shocking U-Turn

Hancock’s statements mirror the new signaling from the UK Ministry of Finance. As reported by ZyCrypto, the Ministry had revealed plans to turn the UK into a crypto hub. A revelation that came as a shock to several stakeholders, considering the actions of the Financial Conduct Authority (FCA) so far.

A week ago, the headlines predicted a clampdown on crypto and the migration of crypto firms from the country. Philip Hammond, former Finance Minister of the UK and now an Advisor for Copper, one of the firms believed to be making plans to leave, had said that the UK regulators had made a mess of crypto regulations.

However, the new stance has built many investors’ confidence, especially if you consider the plan to accept stablecoins as legal tender, which would set a huge precedent. With more countries entering the race to beat the competition in blockchain development, it can only get better for crypto.