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Before entering Parliament I worked as an electrical engineer, mainly in telecoms. I spent a lot of time in network software development, getting networks to talk to each other and exchange voice and data.
Most people I speak to regarding the Bitcoin protocol have never heard of it. Of those that have, the majority have heard of only bitcoin the ‘currency’. I put that in pretty quotation marks and italics because I am firmly in the “moonshot it will not go to zero” camp.
Users have migrated from running all their own software and storing files locally to accessing their data through cloud-based software solutions. The migration of files has also been accompanied with flows of personal information to corporations.
The latest buzzwords on everyone’s lips is FinTech; the apparently effortless splicing of finance and technology into one expression. This seamless merger belies reality as the people working in the two industries are akin to oil and water when it comes to culture and terminology.
Last Wednesday the government formally announced plans to welcome and regulate digital currency activity in the UK. The promise of research funding, police training, and pragmatic regulation are welcome first steps, but to what end?
The regulation of organisations and markets is a costly affair. State regulation currently costs the UK economy somewhere in the region of £30bn every year. Employment laws, health and safety regulations and financial compliance legislation provide the bulk of these costs.
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