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UK Advised to Embrace Bitcoin to Remain Leading Financial Hub After Brexit

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Mon, 02/15/2021 - 13:32
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Yuri Molchan
Professor David McMillan, financial expert, believes that after Brexit, London can benefit from embracing Bitcoin to stay competitive as a leading financial hub
UK Advised to Embrace Bitcoin to Remain Leading Financial Hub After Brexit
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Prominent Bitcoiner Max Keiser has shared an article by British media outlet Express.co.uk about a financial expert's recommendation regarding London introducing crypto regulations to allow its financial companies to benefit from Bitcoin after Brexit.

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Bitcoin may help London to maintain status quo

Since Brexit took place two weeks ago and the U.K. is no longer part of the European Union, the U.K. government is looking for ways for the country to prosper outside of the EU.

Financial expert Professor David McMillan from the University of Stirling believes that Bitcoin could become the leverage that would allow London to remain in a leading position as a global financial capital.

Last week, Foreign Secretary Dominic Raab stated that financial companies from the EU will hardly challenge London's position as the global capital of finance, even if they "nick a bit of business here and there from the city."

Even though, in January, Amsterdam outperformed London as the biggest share trading center, Raab reckons that it is financial hubs beyond the EU that will be rivaling London's status quo.

In particular, it is likely to be New York, Tokyo and other major financial capitals.

David McMillan believes that embracing Bitcoin and other digital assets may take London, as a financial center, to a new level.

This could include developing and regulating new financial products that allow investors to positively engage with climate change finance and cryptocurrencies.

Related
Morgan Stanley's $150 Billion Unit Plans to Bet on Bitcoin

U.S. banking heavyweights exploring Bitcoin

Meanwhile, as reported by U.Today over the weekend, two U.S. banking giants have taken an interest in the flagship cryptocurrency.

Morgan Stanley's $150 billion unit, Counterpoint Global, is reportedly looking into an opportunity to make a bet on Bitcoin. This information was cited by Bloomberg, which referred to anonymous sources familiar with the matter.

Aside from that, America's oldest bank, BNY Melon, will soon hold and transfer cryptocurrencies, treating them like any other asset class.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.