UK Funds Bitcoin Research to Benefit Crypto Firms
The UK is arguably the most welcoming and hospitable country to Bitcoin. This is strongly evident after several Bitcoin and cryptocurrency-based companies have relocated their bases to the region.
To date, Bitcoin companies in the UK and all of Europe are experiencing a more relaxed and open business operations compared to their previous locations.
With UK acknowledging the advantages of cryptocurrency, the country still plans to further widen its understanding about these financial innovators as it plans to fund experts to conduct a cryptocurrency research.
UK’s Economic Secretary to the Treasury Harriet Baldwin announced that the department will be funding £10 million for the study. This declaration was made in conjunction to Baldwin’s speech on a recent event that took place at the Alan Turing Institute for Data Science.
Research for a better environment for cryptocurrency business
During Baldwin’s speech, she emphasized the fact that the UK is putting its efforts to formulate the best organizational structure that would help cryptocurrency-based companies progress further, and to invite more overseas investors to bank in their country.
The Treasury Secretary also added that the goal of the cryptocurrency research was to ensure the regulation Bitcoin and altcoin-powered businesses.
Though, the word ‘regulation’ may sound sensitive to users, especially to cryptocurrency purists, the UK’s Bitcoin regulation system is extremely different compared to the US’ BitLicense, which led several Bitcoin businesses to leave New York.
This is backed by a statement made by the Secretary:
“The fact that we are committed to bringing digital currency exchanges into regulation has been welcomed by the industry, and it’s already resulted in digital currency businesses relocating to the UK.”
Provided that the cryptocurrency industry is open to the country’s regulation protocol, it is safe to say that the UK will be able to achieve a more Bitcoin-friendly environment. This means that all of cryptocurrency’s sectors will benefit from the research, including the Bitcoin casino market.
Gamblers will strongly benefit from the research as well
Since UK aims to be the cryptocurrency capital of the world, its research is also focused on establishing the autonomy of Bitcoin from the country’s existing regulation laws.
Although the research still has no studies to present, it is safe to say that researchers may be able to discover new methods and understandings on how Bitcoin really works, making it possible for them to draft a regulation protocol that would not hamper Bitcoin’s decentralized nature. One of the primary beneficiaries for this research would be Bitcoin casinos.
The cryptocurrency casino market, including the Bitcoin casinos in Europe, is one of the most income-generating departments in the Bitcoin ecosystem. This market is also one of the essential pillars that keep the industry on a steadfast pace.
Considering the previous feats that the UK has bagged in order to be the prime Bitcoin hub, it is clear that the cryptocurrency gambling market will also benefit from the country’s further advances, including the cryptocurrency research.
In fact, through this research, there is a high possibility for Bitcoin to be more than just an alternative for fiat gambling, and be more of a primary player in UK’s gambling industry.
If this is to be achieved, this would greatly benefit cryptocurrency users and Bitcoin games enthusiasts since the government will now be able to protect those who lost their cryptocurrencies through fraudulent acts, scams, and other inevitable and detrimental circumstances.
Nevertheless, the incoming cryptocurrency research is a major leap in the digital currency department. This only hints that Bitcoin is hastily heading toward settlement on its nesting place that is the UK.