By George Ward
Britain is facing its worst historical moment, with several social and economic metrics pointing to a gloomy future. The country is currently the least-performing economy among the G7, with its place among the world’s top economies threatened.
Is Web3 The Solution?
The UK has shown its readiness to become a global crypto hub for some time, and the current prime minister is an advocate of such a move. At the start of the year, the then finance minister, Rishi Sunak, now prime minister, disclosed that cryptocurrency could be the next growth sector for the UK.
At that time, Sunak revealed that he wanted to transform Britain into a global crypto hub as blockchain technology adoption continues to soar. With a background in finance and as a graduate of Oxford and Stanford Universities, Sunak depicts an individual with talents and an ambition to make this move a reality.
However, his crypto ambitions are not in sync with the UK’s policy, considering that the country is a traditional finance (TradFi) powerhouse. At the start of 2022, London was voted one of the world’s leading financial hubs.
Hence, it makes sense that the country sees decentralized finance (DeFi) and cryptocurrencies as being able to coexist alongside its conventional financial sector. In April 2022, Sunak revealed that he wants to see Britain implement a comprehensive regulatory framework to prove its long-term vision as an innovative technology hub.
Meanwhile, not everyone shares the same vision with Sunak, especially the country’s regulatory agencies. For instance, the Advertising Standards Authority (ASA) recently implemented strict guidelines that make it difficult for crypto service providers to promote their digital financial products.
ASA has banned Crypto.com over what it claims to be a misleading Facebook ad where the firm encouraged customers to purchase BTC using their credit cards. On the other hand, the Financial Conduct Authority (FCA) was in the news over its incoming chair’s hardline stance against crypto assets.
Another Delayed Plan?
Despite his grand ambition to leverage the high crypto adoption in the country, the pro-crypto prime minister is likely to drop his plan for the sector. The opposition Labor Party would likely present a formidable challenge to his party, the Conservatives, in the House of Commons.
As a result, any grand plan from the tech-savvy official might meet a brick wall. When Sunak ventured into the crypto space, the industry had yet to witness the Celsius, Terra Luna, and FTX scandals. However, things have changed a lot since then.
Meanwhile, a February survey shows that most Britons see no political value in embracing crypto assets. With the FTX fiasco in full force, the number of Britons not having anything to do with cryptocurrency has significantly increased.