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Brexit is the perfect time for UK to implement blockchain - MEP

13 February 2018 21:00, UTC

Brexit has opened a door to new opportunities of swift blockchain implementation, tells Kay Swinburne, the United Kingdom’s MEP (member of the European Parliament). Two major factors give grounds for immediate work in this sphere, Kay Swinburne says.

The first factor is that with the United Kingdom leaving the European Union, it will need something that will boost its own financial market and optimize technologies to stay successful.

The second factor: now that the authorities of the United Kingdom are less dependent from their European colleagues, they will be capable of swifter decision-making.

This distinctly reminds of how Estonia improved its digital technologies after leaving the Soviet Union, which would almost certainly not happen if the USSR survived.

British banks, all in all, are open to the idea of blockchain, but they are very reluctant to serve the cryptocurrency traders, as noted by the press during the fourth quarter of the last year. They even followed in the footsteps of JPMorgan and Bank of America and blocked the opportunity to buy cryptocurrency through credit cards.