UK Government Strategies To Promote Blockchain Innovations

UK Government Strategies To Promote Blockchain Innovations

Ledger technology plays a vital role in development in the UK. It has been published and distributed so that everybody in the UK can have the knowledg

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Ledger technology plays a vital role in development in the UK. It has been published and distributed so that everybody in the UK can have the knowledge on how it works. The government has shown interest in supporting ledger technology by developing and promoting the use of blockchain technology, and the aim of ensuring the country maintains the status of being the center of fintech industry.

Blockchain technology is a fast growing sector, and the broad ecosystem is growing at a high rate around this technology.

To make sure this is achieved, the government should:

  • Allow Bitcoin transactions to become operational in the UK because it is the financial gateway to cryptocurrency which supports many people by allowing them to get cash through jewel exchanges. Most of the Uk commercial banks had stopped bitcoin operations over the past five years by withdrawing banking facilities thus making it difficult for citizens to fund their projects. This is where the government needs to come in and revive the bitcoin industry by ensuring the bank industry restoresBitcoin exchanges.
  • The government will have to open up the current blockchain platforms to be tried out in public based blockchain services that will be more helpful. The current Government Digital Service is weak thus it is very important to create proof of concepts applications that will greatly facilitate bitcoin industry thus generating income to the needy.
  • The government will also have to publicize and signal interest in the digital currency by subsidizing some of the bitcoin bills like in many European nations such as Switzerland, a famous and well-known fintech hub
  • Encourage the use of fiat money using the present open blockchain platform like the waves platform allowing clients and customers use this option to pay their bills.
  • The precious metal range is minimal, and therefore the government needs to increase these range to include precious metals such as royal mint because it has greatly pioneered with Gold metal.
  • Include many options to pay for bills in the form of blockchain alternatives such as reward points, fit, gold and local currencies on the block chain by encouraging the business owner to accept these forms of payment so as to extend the number of customers who may have these as their way of funding.
  • Clarify the laws and procedures surrounding crowdfunding, make sure that corporates are collecting funds targeted for development and marketing. This will ensure that clear guideline are established to distinguish crowdfunded token from a blockchain security so as to help common customers have a clear understanding.
  • The regulations around revolving around dividend- and interest-paying in blockchain-based securities including bonds and shares, and also the commodities that one can trade.
  • The government also needs to offer tax breaks for blockchain industry start-ups to encourage creativity and innovation.
  • Also sponsoring initiatives in learning institutions to introduce blockchain technology in their system, just like any other financial initiatives that aim to support the increase of knowledge and trade.

This strategy will significantly promote the blockchain technology, according to experts in the niche.