UK tech pros reject government's crypto hub plans

7/8/2022 12:16:00 PM

Tech professionals pour cold water on UK crypto hub plans

Tech professionals pour cold water on UK crypto hub plans

Government proposals unlikely to outlast the new Chancellor anyway

CopyUK IT professionals have rejected plans by former Chancellor of the Exchequer Rishi Sunak to make the island nation a"global crypo-asset hub."Whether the blueprint survives this particularly turbulent period in British political history – which has seen Sunak resign to be replaced by Nadhim Zahawi, whose tenure may be short-lived given the

resignation of Prime Minister Boris Johnson– is another matter.Nonetheless, 58 percent of IT specialists said they felt the profession should not support the Treasury's plan to make Britain a global center for crypto-asset technology and investment, including stablecoins and NFTs, according to a poll by the British Computer Society, the Chartered Institute for IT.

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4 Copy UK IT professionals have rejected plans by former Chancellor of the Exchequer Rishi Sunak to make the island nation a"global crypo-asset hub.Barry Andrews, MEP for the Republic of Ireland's Fianna Fáil party, said: "In the UK, the stigma against breaking international law, domestic law and constitutional norms has been significantly eroded since Boris Johnson became prime minister.Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.IBM wins National Savings & Investment bank tech and ops deal The documents said it would be expected to"deliver against the full range of required areas… to maintain and integrate such competing sub-contractors, in every category, as necessary to ensure choice and flexibility in each category, best value and seamless interoperability.

" Whether the blueprint survives this particularly turbulent period in British political history – which has seen Sunak resign to be replaced by Nadhim Zahawi, whose tenure may be short-lived given the resignation of Prime Minister Boris Johnson – is another matter. Nonetheless, 58 percent of IT specialists said they felt the profession should not support the Treasury's plan to make Britain a global center for crypto-asset technology and investment, including stablecoins and NFTs, according to a poll by the British Computer Society, the Chartered Institute for IT." 'Reckless' Other MEPs also made reference to the prime minister's difficulties during the debate in Strasbourg. Just 29 percent said working technologists should get behind the crypto project, while 13 per cent were neutral. Meanwhile, only 14 percent of tech experts surveyed said the former Chancellor was right to ask the Royal Mint to launch an NFT this summer. The protocol keeps Northern Ireland in the EU's single market for goods, preventing a hard border with the Republic of Ireland. The large majority of IT pros in the UK – about 77 per cent – were not confident that the intent to recognize and regulate stablecoins would"ensure financial stability and provide wider consumer payment choice. Earlier this year, Crown Commercial Services, the purchasing arm of the Cabinet Office, looking for tech vendors' feedback on a new framework agreement which could be worth up to £8 billion (c $9.

" Stablecoins are a form of cryptocurrency usually pegged to another asset or currency such as Sterling. It is opposed by Northern Ireland's unionist parties who say it undermines their place in the UK. .