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British parliamentarians said that blockchain would have a great impact on the financial market

Time : 21/07/2021 Author : b325rj Click : + -
        According to the Huobi blockchain Application Research Institute (compiled), Matt Hancock, MP of the British Conservative Party, delivered a speech on his belief that blockchain will bring "great impact" on people's lives, and made a speech at a parliamentary meeting on April 19. The British government published an article on UK website. The report was released at the London blockchain conference today. Matt Hancock has selected three "broad public life areas". He expects that the "special" potential of blockchain technology will be transformed in the following areas: financial sector, government services and laws and regulations.
        He first introduced the UK's recent initiatives to encourage innovation and growth in financial technology, including the new global financial technology regulatory sandbox of the financial conduct authority (FCA), cryptoassets taskforce, jointly established by the UK Ministry of finance, the UK financial market conduct authority and the Bank of England, and the UK government's introduction of a strong financial technology strategy. Members of Congress then stressed that blockchain technology "can help us solve some of the major social challenges in the world today", and referred to the world food program's Ethereum blockchain humanitarian assistance initiative, which transfers food coupons based on cryptocurrency to 10000 refugees in Syria to ensure that they do not have to buy food only when they "need cash, credit cards or paper money".
        According to Hancock, the British government has invested 10 million pounds to support blockchain projects for the solar energy industry, clean water, electoral systems and charitable donations. He did not mention the general data protection regulation legislation (gdpr) to be issued by the European Union or the recent data leakage incident with news value. He affirmed that blockchain technology may provide users of government services with access to and control over their personal data. When promoting the "regulatory barriers" of technological innovation, he said that the British government "hopes that our regulatory agencies will remain vigilant and sensitive" and "support" new technologies that are obviously beneficial. Members have come to the conclusion that:.
        "The composition of the blockchain has become a real and retrievable problem. What is the role of each country in setting up the framework for these decentralized cross-border systems? How do we solve the challenge of smart contracts? Computer coding needs particularity, and legal aspects need appropriate interpretation?". Cointegraph recently released an analysis of the UK's overall regulatory position on cryptocurrency and financial technology. Cointegraph believes that compared with the United States, the UK market will further promote the growth of the industry.
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