Participants in negotiations on trade issues will affect the topic of global regulation of blockchain andfintech cooperation in the upcoming UK and US free trade negotiations.
In accordance with the objectives of negotiations with the United States,published by the Department of International Trade (DIT), negotiators from the UK want to influence the global regulation of the blockchain. According to DIT, the plan is simple and obvious. One of the ministry’s goals after Britain left the EU is to provide favorable conditions in the field of digital trade for small and medium enterprises, including those connected with the blockchain.
“In areas such as data flows, blockchain,Unmanned vehicles and quantum technologies, we have the opportunity to contribute to the formation of global rules through ambitious proposals in the field of digital trade ”, — It is said in the document.
The document does not detail whichthe proposals in question, and the DIT refused to clarify its position before the negotiations. Peter Hunn, CEO of Clause, a smart contract development company, said the deal could be beneficial to the blockchain industry.
“You can do a lot for implementationstandardized interfaces using DLT systems and smart contract code that simplify management, reduce financial costs and facilitate work in accordance with the laws ”, — He said.
Apparently, DIT has set itself the taskEstablish a strong partnership in digital commerce as part of its future structure. One of the goals of the negotiations concerns digital commerce, including data protection, open Internet and cross-border data flows. According to the press release attached to the document, the UK seeks to “create a foundation for the future with the help of new agreements in anticipation of rapid technological development”.
The report has several calls for closercross-border cryptocurrency partnerships. The annex to the document states that some “business associations” have requested the DIT to establish closer ties with other states in the direction of fintech.
The blockchain industry is actively developing inGreat Britain. Recently it became known that R3 is working with UK pension funds and provides them with technology to create new identification solutions on the blockchain to help restore $ 48 billion of pension savings.
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