UK Shadow minister acknowledges Bitcoin’s potential to shake the banking system.
Chi Onwurah, UK shadow minister and most likely next government’s cabinet member, said to Coindesk: “It’s about dispensing power away from the classic, traditional financial institutions… the public has lost trust in them, for some very good reasons. I think Bitcoin and digital currencies are really an opportunity for currency to ..be back in the hands of those who use it.”
The shadow minister is leading the “Digital Government review”, conducted for the Labour party. The review concerns the ways technology is used by UK public services and whether there is space for improvement.
A Labour government would not rush to regulate Bitcoin and digital currencies, said Mrs Onwurah.
“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 later 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.”
In addition, Mrs Onwurah mentioned her skepticism about the changes of the digital revolution in the media and the travel sector.”Whereas when you see digital technology getting into currency, that can aspire real change in power relationships.”
If you like this article feel free to share it on Twitter, Facebook or LinkedIn.