Charles III in favor of blockchain

The new King of the United Kingdom of Great Britain and Northern Ireland, Charles III, seems to be in favor of blockchain. 

Summary

• Charles III could usher in new developments in blockchain
• Blockchain in the UK is gaining momentum

Charles III could usher in new developments in blockchain

Although he never seems to have spoken on the subject during an official speech, the then Prince of Wales and heir to the throne in 2019 publicly called blockchain “an interesting development.”

He was in Berlin and was meeting a small crowd on the street. 

One of those present asked him what he thought about Bitcoin, and then what he thought about blockchain. 

To the word Bitcoin, the prince did not react, probably showing that he was not familiar with the main cryptocurrency, but to the word blockchain he reacted by stating that he thought it was an interesting development. 

A video was also taken of the occurrence, which was later posted on YouTube: 

It is not known exactly what he thinks about it now that he has become King, but Charles has always shown interest in new things, particularly in alternative solutions to mainstream ones. 

For example, he has always been a proponent of alternative medicine, at the cost of risking his positions being considered controversial.

It has to be said, however, that over the decades he seems to have reduced somewhat his positions that were considered more extreme, and now that he has become King it is difficult for him to advance positions that are clearly distant from the mainstream. 

Given that the King in Britain does not rule, and therefore can affect the country’s policies only very marginally, he may well continue to cultivate alternative ideas in private, without affecting any mainstream policies in any way. His public positions, however, carry weight, especially in terms of consensus, so it will not be easy for him to maintain those more extreme positions, except possibly in private. 

This is also because over the past few decades the British monarchy has suffered several setbacks, so much so that the debate about its survival reappears in waves. 

The risk in holding non-mainstream positions in public could be to antagonize the bulk of the population, and thus risk losing so much support that the very survival of the monarchy, as long as he is king, is in jeopardy. 

In light of this, it is hard to imagine him exposing himself again on issues still considered hot topics such as cryptocurrencies, while it is more likely that his statements will become increasingly institutional and pro-government. 

For now, the UK’s policy strategy regarding cryptocurrencies and blockchain is open but not particularly permissive. 

That is, the country would like to play a major role in Europe in the crypto industry, particularly by taking advantage of its stock exchange’s dominance on the continent over others. So it is certainly interested in crypto markets, but on the other hand, the British authorities have repeatedly raised concerns about the risks generated by opening up these markets too much to investors and amateur retail speculators who risk losing money through sheer incompetence. 

There was a time, until a few years ago, when London was one of the crypto capitals of Europe, but over time Switzerland took a lot of the attraction away from the UK precisely because it was a bit more permissive and less focused on protecting amateur investors. 

In addition, other crypto hubs have sprung up around the world, including Dubai, so London’s role in the crypto sector over the past few years has somewhat diminished. 

Blockchain in the UK is gaining momentum

The country seems to be more interested in technological developments, namely blockchain, as would be evidenced by Prince Charles’ response in 2019. However, without cryptocurrencies, blockchain may not have much of a future, so in order to carve out a major role in the blockchain sector, one must play a major role in the crypto markets as well. 

It is worth noting again that the actual political power of the King of the UK is minimal, so it is highly unlikely that any support from him for blockchain development would have significant political impacts in the country. However, in the event that he instead succeeds in increasing his people’s acceptance of these technologies, there may be a minimal impact. But it remains unlikely that he can actually do so now that he has become king. 

There is another important piece of political news in Britain. Very few days before she left, the previous Queen Elizabeth II appointed a new PM, Liz Truss. 

Four years ago Truss explicitly wrote on her official Twitter profile that the UK should embrace cryptocurrencies in a way that would not limit their potential. 

We should welcome #cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup

— Liz Truss (@trussliz) January 30, 2018

It is worth mentioning that 2018 was still when London had a special role in Europe in the crypto sector, although things have changed since then. 

It is not known what Truss thinks about it now that she has become PM, but given her liberal and liberalist background, it would be expected that she has not changed her mind on the matter. 

In short, the new British political course could be favorable for the crypto world, as long as it does not get in the way of government authorities who have been skeptical about it until now. 

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