Not long ago, regulators in the United Kingdom said crypto trading was akin to gambling. In other words, betting on bitcoin was like sitting at a blackjack table. Not exactly the best metaphor, but we get what the country means. Is the United Kingdom Wrong About Crypto? However, there are many that don’t agree with this sentiment. In fact, they think it’s downright wrong, and they say it shows a dangerous lack of understanding. Amongst the people that feel this way is Gavin Brown, an associate professor in financial technology at the University of Liverpool. In a recent interview, Brown criticized lawmakers in the United Kingdom for not bothering to comprehend the ins and outs of blockchain and crypto a bit better. He commented: [The committee] didn’t really
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Not long ago, regulators in the United Kingdom said crypto trading was akin to gambling. In other words, betting on bitcoin was like sitting at a blackjack table. Not exactly the best metaphor, but we get what the country means.
Is the United Kingdom Wrong About Crypto?
However, there are many that don’t agree with this sentiment. In fact, they think it’s downright wrong, and they say it shows a dangerous lack of understanding. Amongst the people that feel this way is Gavin Brown, an associate professor in financial technology at the University of Liverpool.
In a recent interview, Brown criticized lawmakers in the United Kingdom for not bothering to comprehend the ins and outs of blockchain and crypto a bit better. He commented:
[The committee] didn’t really understand the technology.
He also mentioned that the people of the country know much more about crypto than those that have been placed in charge, and he thinks this is going to lead the United Kingdom down a dark path that will eventually put it behind other regions. He said:
I see that all the time. I’ll get a taxi in London and the taxi driver will know ten times more [about cryptocurrency] than the CEO of a multinational bank I’m about to visit. We still see that disparity of knowledge, and not just from people on the street, but also from people who are actually making the policies who should know better.
He says the time has come for everyday people and politicians to recognize crypto once and for all, and to acknowledge the idea that it’s here to stay. He mentioned:
Western Anglo-Saxon economies are stuck between a rock and a hard place because it’s not going away, and it’s a constant threat… The problem we have with things like… bitcoin, is that it’s not controllable or ban-able in a traditional sense because… [it] doesn’t have a CEO, a head office, any employees, an email address, doesn’t file any accounts, doesn’t have any buildings, has no AGM, [and] has no shareholders. Literally, bitcoin is an idea. It’s a computer program that’s being run globally all over the world at the same time… [Cryptocurrency] has been deliberately constructed in a way that is anti-state, and almost naturally beyond the reach of regulators.
Understanding Must Grow
Natasha Gillezeau – a SXSW Sydney production lead and former Australian journalist – echoed Brown’s sentiment and said:
People need to understand how serious [cryptocurrency] is. We [need] to understand how much of a marketing and advertising push that crypto [companies have] done in the last few years… We’re talking sports stadiums [sponsored by] Crypto.com, we’re talking outreach to influencers… We’re in a different point in the cycle of how much the marketing and advertising industry has legitimized it.