UK Tax Payers to Fund Digital Currency Research

by Tristan Hugo-Webb 0

With the UK budget released yesterday, it was revealed that the research of digital currencies like Bitcoin will receive a £10 ($14.9) million boost from the government. According to the announcement, the funds will be allocated to existing research thus boosting insight into the opportunities and potential consequences of utilizing digital currencies.

In addition to the funding boost, the government announced that it will begin applying traditional anti-money laundering regulations to digital currencies and look at ways to protect consumers who buy and sell them.

Commenting on the budget, Garrick Hileman, an economic historian from the London School of Economics said, “The net impact of the announcements is to make the UK, and London specifically, an even more attractive destination for investment in the crypto-currency economy.”

While funding of digital currencies was just one small component of the technology portion of the budget, it highlights the seriousness of the UK authorities to investigate to the potential opportunities for using digital currencies. In recent months, the Bank of England (the country’s central bank) has announced its support for further research and so the move to provide a £10 ($14.9) million boost will be welcomed and help digital currencies move into the mainstream.

Overview by Tristan Hugo-Webb Associate Director, Global Payments Advisory Service for Mercator Advisory Group

Read full story at BBC News