London Told To Embrace Bitcoin Post-Brexit

Foreign Secretary Dominic Raab has previously said that the EU will not be Brexit Britain’s biggest competitors. Adding that they won’t challenge London’s status as Europe’s financial capital. Though Amsterdam did surpassed London as the largest share trading centre in January. Raab believes that the EU is undermining its own competitiveness. That London financial hubs from outside of Europe will be the capital’s main competitors.

“The crucial question for the EU, while it may be able if you like to nick a bit of business here or there from the City. The problem is the measures they will take to achieve this will undermine their own competitiveness,” Raab said.

“The challenge to London as a global financial centre around the world will come from Tokyo, New York and other areas rather than those European hubs. Particularly if they start to erect barriers to trade and investment.”

Bitcoin Could Help Boost London’s Financial Hub Status

Meanwhile, finance expert Professor David Miller suggested in his article for The Conversation. That cryptocurrencies like Bitcoin could help boost UK’s financial hub status.

“Now not having to coordinate and agree with 27 EU nations ought to allow the UK to be extra nimble… which might be a giant benefit in trying to nook rising areas resembling inexperienced funding and fintech,” Miller said. “This could include developing and regulating new financial products that allow investors to positively engage with climate change finance and cryptocurrencies.”

Miller would continue on, saying that, “The unavoidable reality is that financial services business and jobs will continue to be lost as a result of Brexit. But with a thoughtful, future-focused approach to managing the sector, there is also plenty of scope for it to rebound.”

Brexit has sparked concern in the city after Prime Minister Boris Johnson admitted that talks with the EU. “Perhaps does not go as far as we would like” over access to EU markets for financial services.

Johnson appeared to confess to making concessions in his interview with the Sunday Telegraph. He Attempted to ease fears over regulatory divergence. There are measures in the agreement for the possible imposition of tariffs if the UK diverges notably from existing standards.

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