A coalition of UK trade groups, including techUK, Innovate Finance, and the Coalition for a Digital Economy (Coadec), has recently urged the UK government to consider incorporating blockchain technology and digital assets into its proposed “Tech Bridge” initiative with the United States. The Tech Bridge program aims to enhance collaboration between the UK and the US in various technology sectors, including artificial intelligence (AI), quantum computing, and cybersecurity.

Blockchain, the underlying technology behind cryptocurrencies like Bitcoin and Ethereum, has gained significant traction in recent years for its potential to revolutionize various industries, including finance, supply chain management, healthcare, and more. Digital assets, such as cryptocurrencies and non-fungible tokens (NFTs), have also emerged as a new asset class with the potential to transform traditional financial systems and create new opportunities for innovation.

The trade groups argue that by including blockchain and digital assets in the Tech Bridge initiative, the UK and the US can foster greater collaboration and innovation in these rapidly evolving sectors. They emphasize the importance of exploring the potential applications of blockchain technology and digital assets in areas such as cross-border payments, identity verification, smart contracts, and decentralized finance (DeFi).

The UK has been making strides in embracing blockchain and digital assets, with the Financial Conduct Authority (FCA) recently becoming the anti-money laundering (AML) and counter-terrorist financing (CTF) supervisor for certain crypto asset businesses. Additionally, the Bank of England has been exploring the possibility of issuing a central bank digital currency (CBDC) as a digital form of cash.

By including blockchain and digital assets in the Tech Bridge initiative, the UK and the US can leverage each other's strengths in research, development, and regulatory frameworks to advance innovation in these transformative technologies. This collaboration could lead to the development of new use cases, standards, and best practices for blockchain and digital assets, ultimately benefiting businesses, consumers, and the economy as a whole.

The trade groups' call to include blockchain and digital assets in the Tech Bridge initiative reflects the growing recognition of the importance of these technologies in the global digital economy. As blockchain continues to disrupt traditional industries and digital assets gain mainstream acceptance, collaboration between the UK and the US could play a crucial role in shaping the future of finance, technology, and innovation on a global scale.

Source: https://cointelegraph.com/news/uk-trade-groups-urge-government-blockchain-us-tech-cooperation?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound