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UK to Bring Up Blockchain and Digital Trading in Upcoming US-UK Trade Talks

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UK to Bring Up Blockchain and Digital Trading in Upcoming US-UK Trade Talks

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  • The US-UK free trade talks will include incorporation and regulation of cutting edge-technologies such as blockchain and ways to boost and inculcate the digital trade culture.

Earlier this month, the United Kingdom came upfront with its plan to seek the Free Trade Agreements with the US. As per the 184-page long US-UK FTA plan released by the Department For International Trade (DIT), the objectives of the free talks includes direction and influence of global blockchain regulation and promotion of digital economy and trade. The document notes: “In areas such as data flows, blockchain, driverless cars and quantum technology we have the opportunity to help shape global rules through ambitious digital trade provisions.”

The document has an elaborate section dedicated to boosting digital trade in the UK. It states the exploitation of cutting-edge technologies to boost digital trade and secure data flows. The objectives also include creation of such an environment where digital trade benefits small-scale and large-scale businesses. The action plan included discussion of open internet, cross-border data flows and other issues.

As reported by Coindesk, Peter Hunn, CEO of Clause, Inc, a firm that provides an infrastructure for smart contracts, stated:

“There is a lot that can be done here to provide standardized interfaces using DLT systems and smart contract code that reduce administration, financial and compliance burdens.”

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