According to a report by Cointelegraph, six prominent UK digital economy trade bodies have appealed to Prime Minister’s Special Advisor Varun Chandra for the establishment of a dedicated Blockchain and Cryptocurrency Affairs Envoy. The objective is to formulate a strategic action plan aimed at enhancing investment, growth, and employment within the digital asset sector. The coalition highlighted that the United States had appointed a crypto leader during the Trump administration, which could serve as a model for the UK to enhance its tech cooperation with the US and secure a competitive edge in the global cryptocurrency landscape.
Furthermore, the letter emphasizes the need to explore the synergistic possibilities between blockchain, quantum computing, and artificial intelligence. The alliance projects that cryptocurrency and blockchain technology could potentially inject £57 billion into the UK economy over the next ten years, contributing up to £1.39 trillion to global GDP growth. Tom Griffiths, co-founder of BitCompli, voiced concerns on LinkedIn regarding the Financial Conduct Authority (FCA), stating that while it possesses the necessary talent and frameworks, the UK risks lagging behind Dubai and Singapore. Immediate action from the FCA is essential to capitalize on the enduring opportunities offered by digital assets.