Cryptocurrencies such as Bitcoin should play a significant role in reshaping and reinvigorating the UK's financial services sector post-Brexit, according to deVere Group's founder and CEO Nigel Green.
Green believes that as Britain's Brexit-weary economy has showed signs it is contracting for the first time since the referendum in 2016, fuelling speculation of a UK recession. This is contrasted with the world's largest cryptocurrency by market cap enjoying another bull run in recent months with Bitcoin nearing the $12,000 mark.
"Brexit and the lingering uncertainty it has created has inflicted unprecedented damage on the UK's financial services sector - which makes up about 6.5% of Britain's overall GDP," said Green, pictured left.
How, then, to reshape and reinvigorate UK financial services in a post-Brexit era? A major part of the answer must be cryptocurrencies"
"Companies across the industry have had to take precautionary action to safeguard their interests. There's been a steady drain of investment, confidence, talent and activity away from UK financial services - and this is only likely to intensify in the coming months and even more so should the UK leave with no deal."
"How, then, to reshape and reinvigorate UK financial services in a post-Brexit era? A major part of the answer must be cryptocurrencies."
The deVere CEO believes that once outside of the EU, the UK will not be beholden to the bloc's "notoriously slow and burdensome bureaucratic protocols". As a result it could establish its own rules and regulations and set-up an innovative, pro-business, well-regulated market.
"This could position it [the UK] alongside other crypto-friendly jurisdictions such as Japan and Switzerland - and ahead of many EU member states.
'The future of money'
For some time Green has championed digital, global and borderless cryptocurrencies as "unquestionably the future of money." This is noted, he says, by the growing amount of retail and institutional investment into the burgeoning sector.
"Whilst other jurisdictions focus on the current, the UK should set its sights on the future to be ahead of the game," Green added. "The UK is already a thriving global fintech [financial technology] and blockchain [the tech on which cryptocurrencies run] hub. This should be capitalised on further."
"The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK's financial services sector."