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The United Kingdom – Cryptocurrency regulations are still unclear in many countries. However, it must be noted that countries across the globe are embracing blockchain and crypto technology.
Following the footsteps of countries like the U.S., the United Kingdom is also sprinting to level up its existing economic fabric by leveraging blockchain.
In this article, we will discuss recent blockchain and crypto-related events in the UK.
Standard Chartered Launches Blockchain Trading Platform
Standard Chartered (LSE: STAN), a UK-based multinational banking firm, is set to launch Olea, a blockchain-based trading platform that gives crypto exposure to institutional investors. The banking giant has collaborated with Linklogis (HKG: 9959), a Chinese supply chain finance technology provider to launch this trading platform.
Olea will use artificial intelligence and blockchain technology to connect businesses that require supply chain financing to potential institutional investors.
This blockchain-based trading platform will be headquartered in Singapore. Amelia Ng from Standard Chartered’s SC Ventures will lead Olea as the CEO and Letitia Chau, the vice-chairman, and chief risk officer of Linklogis will be the deputy CEO of this venture.
Amazon, Google, PayPal, and ConsenSys will Assist the Bank of England with its CBDC Research
The UK government began researching Central Bank Digital Currencies (CBDCs) in 2020. The Treasury Department of the UK has announced in November 2020 that it is exploring CBDC technology as a complement to cash. In April, the Bank of England listed CBDC-related job positions.
Recently, the Bank of England announced the members of its CBDC Engagement and Technology Forum. The members include tech and finance leaders – Google (NASDAQ: GOOGL), Mastercard (NYSE: MA), ConsenSys, PayPal (NASDAQ: PYPL), IBM (NYSE: IBM), Visa (NYSE: V), Stripe, SWIFT, Amazon Web Services (NASDAQ: AMZN), and Spotify (NYSE: SPOT).
The Forum includes experts like Edwin Aoki, CTO of PayPal’s blockchain and cryptocurrency arm, Will Dowry, principal software engineer at Google, Georges Elhedry, co-CEO of HSBC’s (NYSE: HSBC) Global Banking and Markets, and COO of Morgan Stanley (NYSE: MS) Arun Kohli, among other prominent members.
The Bank of England said that the Forum would help them to explore the challenges of designing, implementing, and operating a Central Bank Digital Currency. Britain’s Central Bank made it clear that they have some serious plans for CBDCs.
PayPal’s Crypto Feature is Coming to the UK
PayPal announced that it would roll out its crypto trading feature for UK customers beginning from August 2021. Verified customers in the UK will have access to crypto trading within their PayPal mobile and web app. However, PayPal business accounts will not support crypto trading.
PayPal’s users in the UK will be able to trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
With over 2 million monthly active users, PayPal has the highest customer base in the UK among all European countries. Considering this, PayPal’s crypto penetration will significantly increase with the launch of crypto trading services in the UK.
Final Thoughts
The United Kingdom is on the road to revamping its existing economic institutions using blockchain technology. Be it private behemoths like Standard Chartered or the government, everyone is bullish about blockchain’s potential.
