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Brexit, Blockchain and Cryptocurrency

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We asked Blockchain Army  Founder Erol User: Can the UK, which has economic and political chaos in the process of separation from the EU, turn this process into an opportunity through Blockchain and crypto currency strategies?

Blockchain Army  Founder Erol User  answered that Brexit is the only agenda in the UK over the last few years. The mutual agreement with the European Union (EU) reached as a result of the negotiations carried out by Prime Minister Theresa May for 2.5 years, are far from satisfying the opponents of Brexit, let alone the Brexit supporters in her own party. Moreover, May’s “You must approve this agreement, otherwise we will be out of the EU without an agreement!” statement to the British Parliament, and then British Central Bank Governor Mark Carney’s statements implying that “Economy will be in chaos if we leave EU without an agreement” were perceived as “a threat to the will of the people” by the members of the parliament of both parties, and apparently, the angry British are determined to reject the current agreement, and even determined to burn bridges with the EU from 29 March, especially from an economic point of view.

However, such a bad scenario seems to bring severe results for the country; according to the surveys conducted by the OECD and the Treasury Department, per capita income may drop by 3 percent in the first year in this scenario. The Bank of England announced that consumer prices might increase by a 10 percent and there might be a sharp decline in real estate and asset prices. To top it all; there will be 150,000 jobs losses and commercial and financial turbulence that will be created by at least a few years to get a legal framework for the businesses between EU and British companies.

The British, known for their calmness, are confused and angry at such a landscape. Nevertheless, there are efforts to maintain that calm character and turn the chaos into an opportunity for UK. One of them is the report, titled “The Digital Opportunity of Brexit – A Blockchain Economy in the UK” published this month by a new generation finance and investment company “GMEX Group”; this report predicts that UK can transform this chaos into an innovative economy thanks to the Blockchain ecosystem created again by this chaos, that the crypto-money economy to be created by Blockchain services in sectors such as health, real estate, and particularly finance, and the digital applications and services to be developed for them would create a new jobs for 250,000 people in five years, and that it would increase per capita income by 3.2 percent. In the report, London being one of the world’s most important financial centers and its leadership in this field, with the current Blockchain ecosystem of 225 companies in the country, providing the advantages of regulation for crypto money entrepreneurs in Gibraltar, the backyard of UK, and the Central Bank’s long-researched crypto-currency models are shown as important advantages for the start.

As an argument supporting the report, the most important dispute in Britain’s EU negotiations, “Northern Ireland borders being opened to EU member state citizens and companies”, can be solved to satisfy both sides, thanks to the simple “Blockchain-based border crossing” project designed by those who know the subject, even as shared on Twitter. The issue was already also expressed in the parliament by the Minister of Finance Hammond during the Brexit talks but you can understand from Hammond’s words that he cannot fully comprehend the event. I think the distance between the state administrators and the politicians in the face of such innovations is the biggest handicap for the UK for materializing these strategies. Of course, there are exceptions such as Eddie Hughes, who proposed that Bitcoin and crypto money should be used to pay taxes and utility bills. Undoubtedly, the economic conjuncture that Britain will face in the upcoming months is likely to develop as hard as it would provide a motivation to overcome all these handicaps. It is inevitable that year 2019 will be impacted by Brexit process but a Blockchain and crypto currency initiative, which might be brought by Brexit, can even change the course of history.


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