London is the hub of technology until now. However, some politicians are now skeptical about its future as a leading financial center after UK’s pending exit from the European Union.
However, Kay Swinburne still thinks that London can maintain its supremacy with the use of blockchain. He is currently managing the rank of a member of the European Parliament(MEP). She recently spoke with Business Insider and shared his views on how London still holds the potential to be a technology leader and European stronghold.
She also added, “For me, this whole distributed ledger technology, we have to embrace it. The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging.”
Recently, the increase in blockchain technology has prompted new industrial hubs to reconsider their stance and change their approach to solving real-world problems.
She also added that London’s market can take advantage of blockchain and stay competitive by leveraging it correctly. Not only that she linked it to the “Big Bang” in the 1980s. At that time, Britain deregulated financial markets which unlocked economic growth in London.
Moving ahead, she also added that Bank of England should adopt blockchain technology. On the same lines, she added, “maybe the monetary policy of the future doesn’t involve issuing notes all the time, maybe it involves other alternative payment systems.”
Blockchain has great real-world usability and Swinburne just wants to make sure that it can be used to ensure proper growth of London. She also hinted at the use of “architect of MiFid II.” It is a set of regulations which provides transparency across Europe trades.
So, what do you think about the statements of Swinburne? It is clear that even politicians see the use cases of the blockchain.