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UK Shadow Minister outlines Bitcoin's potential for disruption – CoinDesk

FXStreet (Barcelona) - The CoinDesk team note the UK’s Shadow Cabinet Minister’s comments that Bitcoin has the potential to reduce consumers' reliance on giant banks and other entrenched financial institutions, further adding that “It’s about dispersing power away from the classic, traditional financial institutions…”

Key Quotes

“Bitcoin has the potential to reduce consumers' reliance on giant banks and other entrenched financial institutions, according to Chi Onwurah, the UK's shadow cabinet minister for digital government.”

“A Labour government would not rush into developing regulations around bitcoin and digital currencies in general, Onwurah said. Instead, she advocated a wait-and-see approach to digital currency regulation to ensure innovation isn't stifled too early in the growth of the sector."

""It's a new and emerging market, I think you would be highly critical if we were to set out now exactly how the market should be regulated. Clearly, existing regulation applies," she said."

“Against the backdrop of an economy still reeling from the 2008 financial crisis, the shadow minister framed the rise of digital currencies as an example of how outmoded financial institutions have become. She added: "It's clear that in many ways, we are using institutions from the 20th century to address the opportunities and challenges of the 21st century."”

“Onwurah lauds the role digital currencies could play in fundamentally changing the way finance works.”

“Bitcoin believers hoping for a light touch from a Labour government next year will likely be disappointed, however. Onwurah emphasised the need for consumer protections, particularly in Internet-enabled financial services.”

“The right regulations could make the UK a prime jurisdiction for bitcoin businesses, putting it in a position to scoop up global companies seeking regulatory certainty.”

“Firms based in the US, which accounts for the lion's share of venture capital invested in the digital currency space, still await clarity from New York's financial regulator over its 'BitLicense' proposal, which is due next year.”

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