During the recent interview with Yahoo Finance UK, London Lord Mayor, Peter Estlin mentions that blockchain is a nascent technology. Also, it has got some bad reviews with the things associating it like bitcoin. However, still there remains a fundamental value within its innovation cryptocurrency.
I think we need to embrace it, I think we are embracing it but perhaps with a degree of caution, ensuring we understand it.
Lord Mayor has been keeping an eye on growing scrutiny of crypto markets in the UK. He comments looking at the conditions. Moreover, in December, the government states that they will consult 2019 on deciding whether to announce new regulation regarding cryptocurrency industry.
The Financial Conduct Authority (FCA) from some time is also investigating through 50 crypto businesses operating in the UK. According to the Lord Mayor:
As technology advances, we can either shape it or let it shape us. And I prefer to be in the former category. So that’s the focus: how do we shape it so that we’re shaping it for good purposes and including a defensive mechanism for those trying to do it damage?
Moreover, cryptocurrencies were initially famed right from the introduction of bitcoin in 2009. Bitcoin induced an entire host of cryptocurrencies which resulted in explosive popularity by 2017 prior to its price crash that was experienced in 2018.
Nevertheless, a majority of tech investors along with analysts kept expecting that this technology that underpins cryptocurrency, blockchain might show some promise.
Meanwhile, blockchain is a form of a distributed database having a potential to drive overall transparency and minimize intermediaries within transactions and procedures. This technology, in particular, has trans-formative effects with the industries including tracking the food source and supply chain finance. Further, Estlin expresses:
I do think it has a role to play. Exactly how it will manifest itself is still under development and we’ll see more over the next few years. I for one will be championing how we shape that so that we all get the benefit of it.
The Lord Mayor currently heads the City of London Corporation. Moreover, it operates the central financial district at London. His core responsibility is to encourage the city of London as a hub for business.
Lord Mayor gets chosen by the historic guilds of City as well as their post remains a year-long term. Their office is somewhat different from the Mayor of London.
The agenda of Estlin for 2019 is to encourage and ponder digital skills and growth in the city. He says that the nature of services keeps habiting and will adopt changes to digitize. The Lord Mayor also mentions that Britain was prepared to capitalize on their shift, and also outlines the success regarding Fintech in London.
Look at Revolut or Monzo. If one wants to put a flavour around where is the strength of the UK in the 21st century, as we saw with insurance being the hallmark of the 17th century, the whole incubator business environment, particularly in financial and professional services, is very much where I think the UK will play well.