Experts in the UK have indicated that Brexit augurs well for cryptocurrency regardless of concerns about the direction of Britain’s economy after March 2019.
UK Chancellor Philip Hammond’s August forecast that the UK could see an 87.7 percent hit to GDP and a £80 billion black hole in public finances in a no-deal scenario holds no concern for many cryptocurrency experts.
Mike Romanov, chief executive of Digital Securities Exchange (DSX) sees Brexit as a further way of the UK establishing its own rules for cryptocurrency trading which will push the sector forward, arguing that, “Britain is already looking at how it can maintain its dominance in financial services post Brexit, even as some major players abandon ship ahead of March next year.”
This is not only a positive outcome for conventional financial markets according to Romanov, but the UK taking back rulemaking could have a significant impact on the trading of digital currency. He suggests:
“As such, crypto could present a big opportunity. While the EU looks to apply regulation at an EU level, taking it out of the control of member states, Britain could be free to apply its own rules and shape itself to become a well-regulated and crypto friendly market that looks to nurture the future of this financial movement rather than eye it with an air of suspicion and cynicism.”
Cryptology’s chief commercial officer Herbert Sim also feels that bureaucracy will take a dent when Britain pulls out and that this has to be a good thing for crypto movement in the financial environment. He suggests that “…leaving the EU will give the UK decision-making capabilities on areas that the EU’s bureaucratic processes can be desperately slow to decide on.” The opening of foreign crypto markets outside of Europe will positively impact the status quo, Sim suggests. Another CEO, Iqbal Gandham from eToro, claims that any volatility from Brexit will be short-lived:
“We are already seeing crypto assets used as an alternative in less stable economies, and Brexit could spark a new wave of investment from people looking to diversify their portfolios and hedge against geopolitical risk.”
However, all these positivity comes with a warning according to Romanov who comments that Britain needs to maintain its competitive edge, “What can’t happen is for Britain to become scared of its own financial shadow and water down the investment it’s made into new technologies, all in a bid to placate the traditional financial services world.”
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