What impact Britain’s exit from the European Union will have on Bitcoin and Fintech? The British have always seen themselves as a bit distinct from their European cousins across the Channel.
Indeed, Britain is probably more similar to Canada, Australia, New Zealand and even the United States than what lies 20 miles away in Europe.
However, the UK joined the European Economic Community on January 1, 1973 and since then has had a complicated relationship with its successor the European Union (EU). Now the British public finally gets a chance to decide for once and all if they want In or Out of the EU and the referendum for that is set to take place on Thursday, June 23, 2016.
How will this EU referendum affect Bitcoin and the wider Fintech industry in the UK and beyond? Britain as a financial hub
Britain has traditionally and historically been known for its financial services industry. The City of London is a 1.12 square mile area with a population of 7,375 people and is often referred to just as ‘The City’.
According to the City of London’s website, there is US$ 2.7 trillion worth of foreign currency exchange daily turnover or 41 per cent of the world’s global foreign currency exchange. The City alone vies as a global financial hub. It comes as no surprise then that a great deal of Bitcoin business is placed in the UK as well.
According to a report by Ernst & Young and HM Treasury, the UK Fintech sector generated £6.6 bn worth of revenue in 2015 alone.
The report says, “London ranks first in terms of the scale and competitiveness of its financial centre, with the world’s highest concentration of global institutions across banking, asset management, insurance and trading sectors. This concentration of FS activity represents an exceptional platform for […]
