The UK’s trade groups have urged the British government to include blockchain technology in the “Tech Bridge” technological collaboration with the United States.
A dozen British sales groups representing the finance, technology and crypto industries have made the request in a joint letter seen by Cintelelegraph and addressed to British Affairs Secretary Peter Kyle and the economic secretary of the Treasury Lucy Rigby.
According to the document, the Ledger Distributed technology is expected to be a “basic strand” of UK-US Tech collaboration before the next week of US President Donald Trump.
The initiative follows the adoption by Trump of blockchain technology and cryptocurrencies during its second mandate in the White House. The letter indicates that “the exclusion of digital assets from the United Kingdom technical bridge would be a missed opportunity” and adds:
“This may leave Great Britain on the sidelines while others – especially in the Middle East and Asia – are advancing in the establishment of standards that will shape the future of finance.”
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Large plans, possible obstacles
Among the authors of the letter are the UK Cryptoset Business Council (UKCBC), UK Finance and Thecityuk. The document highlights the importance of the technology of the great distributed book, noting that it “represents a technological transformation” and adds:
“In addition to other emerging technologies, it stimulates the next generation of financial services and infrastructure – improve capital flows, facilitate faster and cheaper payments, stimulate efficiency and productivity and widen financial inclusion.”
Simon Jennings, executive director of the UKCBC, told Cintelelegraph that the commercial group would like to “establish a transatlantic corridor for payments in the stablescoins” between the two countries. The other ambitions include joint support for “the tokenization of traditional financial instruments” and the development of “profound liquidity in the transatlantic markets of crypto-tassets”.
Jennings said Trump had confirmed his presence, although there are rumors that the visit could be canceled or postponed due to Charlie Kirk’s funeral. Kirk was an ally of Trump and a conservative influencer who was murdered during a debate earlier this week at an American university. He said:
“I recognize that this national tragic event is extremely important for him and the broader administration.”
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The UK push for blockchain technology
Similar initiatives have recently surfaced in the United Kingdom. Earlier this month, a public petition calling for a pro-innovation strategy for blockchain and stablecoins took additional momentum after Crypto Exchange Coinbase pushed the notifications to its users.
According to a August report, a quarter of British adults are open to cryptocurrencies in retirement plans.
Access to cryptography for those who are less informed in technology is also likely to become easier with the statement of the United Kingdom’s financial regulator of a ban on negotiated tickets in exchange for crypto for retail investors, taking effect from October 8.
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