Bitcoin Enjoys support of UK Government

Following the UK Chancellor’s expected favourable announcement on Bitcoins in the 2015 budget, further boost has come from none other than Ed Vaizey,  UK Minister for Culture, Communications and Creative Industries, a Parliamentary Under-Secretary of State post with responsibilities in both the Department for Culture, Media and Sport (DCMS) and the Department for Business, Innovation and Skills (BIS). 

In his words: “We’re doing a major program of work looking at opportunities in digital currencies.We want to make these e-payments faster, quicker, we want to make it as safe as possible. And we want to look at the kind of technologies that the digital currencies use to allow end systems to operate in a de-centralized way, with no intermediaries. We want to look at how the new technologies can benefits consumers and the wider economy. So that’s something the Treasury is very interested in.” 

There was a previous acknowledgement that a study was being undertaken, led by the Treasury working together with different government agencies, on Bitcoin’s potential for innovation on financial commerce and Bitcoin’s potential risk.

Ed also remarked thus, “We’ve got research going on about what kind of work we can do to turbocharge fintech …. and we are very strongly of the view that London and the U.K. can take a lead in fintech”

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