A British member of the European Parliament (MEP) called on the City of London and the Bank of England to adopt blockchain technology as a means of remaining relevant in the post-Brexit era.

Kay Swinburne, who is also the highest legislator of the EU's Economic and Monetary Committee, told Business Insider that "the conservative status quo is now too risky with Brexit" and that the UK should adopt the distributed registries technology make its markets more efficient.

Swinburne would have said:

"The United Kingdom after Brexit: How London remains relevant London remains relevant by suddenly becoming supporters of new technologies, not just correcting existing systems for to make them work after the Brexit, actually jump. "

The MEP added that she thought that a post-Brexit Britain was better positioned than the EU to benefit from blockchain technology, but only if it was ready to take risks.

Comparing the blockchain moment with the "Big Bang" of the 1980s – a slight rise in market activity after the rapid deregulation of markets under Margaret Thatcher – she said, "We have evidence of DLT concept in so many areas We have to take risks, we have the opportunity to really make a difference in a way that I do not think that Europe after Brexit will be able to do .

The Conservative MEP also called on the Bank of England to incorporate the blockchain into a more modern view of monetary policy, arguing that it should be the first central bank to "s". open "and accept that future monetary policy" does not imply issuance notes all the time, perhaps it involves other alternative payment systems. "

The United Kingdom has shown continued interest in blockchain. More recently, Innovate UK, the government's technology development arm, announced in January that it planned to invest 19 million pounds ($ 26.6 million) in projects contributing to "emerging technologies and technologies." "enabling", including distributed technologies.

Previously, in late 2016, the Financial Supervising Body, the Financial Conduct Authority, launched a regulatory "sandbox" to provide a number of blockchain-based startups with a test environment for new financial products.

Flags on a wall image via Shutterstock

Leader in blockchain information, CoinDesk is an independent media company that strives to achieve the highest journalistic standards and adheres to a strict set of editorial policies. Do you have any breaking news or a tip to send to our journalists? Contact us at news@coindesk.com.

