No Country Can Stop The Cryptocurrency Revolution, Says UK MP Matt Hancock

UK supports crypto and blockchain technology. (Unsplash)

JAKARTA – In the midst of the collapse of the crypto market in the last few months, the support from a number of groups has not diminished. One of the UK MPs Matt Hancock stated that cryptocurrencies are part of the financial revolution.

Despite the collapse of the crypto market, he stressed that the cryptocurrency revolution cannot be stopped by anyone, including the state. Hancock calls for crypto regulation.

"I hate the idea of patronizing regulators telling people what they can and can't do with their money," Hancock said.

Matt Hancock is a Conservative MP and former UK health secretary. He emphasized the importance of the regulatory framework for the crypto industry.

“No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from somewhere else," he added.

In addition, the MP added that Britain's plans to become a crypto hub would be successful in "embracing new technologies."

Therefore, the crypto regulatory framework must be liberal. This is intended so that the crypto industry can develop in the country. He further criticized the current regulator for "teaching" investors too much. Then he stated how the role of regulator for the crypto industry.

"The job of the regulator is to make sure there is high quality information and the market is functioning effectively," the lawmaker stressed. “What is the state's authority to tell them what they can and cannot invest in? I thought it was very patronizing.”

Hancock is one of the most vocal MPs in support of crypto. At the London Crypto Club crypto meeting last April he stated: “If we get the regulation right, crypto will not only accelerate growth but make the financial system more transparent and reduce crime. We must understand and harness the potential of new technology, not fear and avoid its disruptive power.”

In addition, Hancock is also not affected by the collapse of crypto Terra (LUNA) and stablecoin Terra USD (UST) that occurred some time ago.

“Luna's demise and the pressure on other stablecoins serve as a reminder that cryptocurrencies are still currency and ancient financial rules still apply.”

Despite the decline in the crypto market, Hancock explained that the blockchain technology underlying crypto is very strong. It's just that the current crypto market conditions are similar to the dot-com bubble that occurred in the late 1990s to early 2000s.

"The underlying technology is so powerful ... Just because the dot-com bubble fell in 2001, we don't discredit the internet as a technology," he concluded.

In addition, he admits that he has not invested his funds in cryptocurrencies. Hancock only wants freedom of expression regarding digital assets without any conflict of interest that surrounds it.

Last month, the UK government announced plans to support crypto adoption. UK Treasury Secretary Rishi Sunak also revealed several initiatives in April for the UK to become a global crypto hub, regulate stablecoins, and for the Royal Mint to create NFT digital art. This is a strong endorsement from the UK government regarding crypto and the underlying technology, namely Blockchain.