La Brexit continues to make the financial world very afraid. Where it happened in version hard, or following a spill without agreement with the European Union, as advocated by Boris Johnson, it could go together with other geopolitical crises to give rise to a new global recession. Precisely for this reason analysts are wondering what could happen in the immediate future. Among the possible scenarios, more than one seems to be betting on a very strong role of cryptocurrencies in reshaping and reinvigorating the UK financial services sector after Brexit. Among them stands out Nigel Green.
What is happening
Nigel Green is the founder and CEO of DeVere Group and in this very role he emphasized the role of BTC and Altcoin in the phase immediately following Brexit. A statement acknowledging the recent British economic downturn, the first since the 2016 referendum. In an interview with Coin RivetGreen says that precisely the persistent uncertainty following the popular consultation would have caused unprecedented damage to the UK financial services sector, which represents approximately 6,5% of the country's overall GDP. A trend that pushes companies across the sector to take precautionary measures in order to safeguard their interests and that could intensify in the event of Hard Brexit. Again according to him, London is the largest and most important financial hub in the world, but its dominance is failing precisely because of the uncertainty in which the country wallows. The answer to reinvigorating British financial services in post-Brexit could come from cryptocurrencies.
The reasons that would push in this direction, again according to Green, are above all three:
1) after leaving the EU, the UK will become a foreign body to the notoriously slow and onerous bureaucratic protocols of the continental bloc. To regain ground, he could therefore think of establishing his own rules and regulations for the specific purpose of creating an innovative market, favorable to businesses and regulated in such a way as to give him maximum efficiency, like crypto-friendly jurisdictions like Japan and Switzerland;
2) cryptocurrencies, digital, global and without borders, represent the future of money. This is demonstrated by the growing amount of retail and institutional investments in the sector. If other countries focus on the present, the UK should look to the future to gain a competitive advantage. Precisely the virtual uniforms could prove to be the ideal terrain for gaining a position of pre-eminence from today;
3) the United Kingdom is already in a state of affairs thriving global hub for fintech and blockchain. A position that should be capitalized so as to give new impetus to the country's financial services sector.
Green's words that could soon become objects of wide debate in a United Kingdom that wonders what its future will be, considered how Brexit will sever the cord that has tied the country to a European Union that could at this point consider it as a competitor whose life is complicated.