Adam Afriyie today reacted to George Osborne’s plans to make Britain a “global centre of financial innovation”.

Yesterday the Chancellor announced that he’d commission a review to explore the potential role that cryptocurrencies could play in the UK.

Adam Afriyie, MP for Windsor, said:

“The UK must remain a global centre for financial innovation and I very much welcome the jobs and prosperity these plans can bring.

“There is a large global market for cryptocurrencies, and this is something we must consider taking advantage of. Having pioneered “sukuk” Islamic bonds, we have a good track record in bringing innovative and flexible financial services to market

“The Government should allow innovation to flourish in the financial marketplace, keeping an open-mind to new technology and emerging payment practices that are increasingly becoming the norm for businesses and consumers.

“Alternative currencies, like Bitcoin, will need further regulatory recognition to secure fair and competitive trading practices coupled with some assurance for users. I believe this can be achieved with a light touch approach to trading standards and regulation. In any case, the FCA should make its regulatory position on cryptocurrencies clear to give the markets some certainty.

Contact:

§  Telephone: 020 7219 8023

§  Email: adam.afriyie.mp@parliament.uk

Notes to Editors:

1.    Mr Afriyie’s website: http://www.adamafriyie.org

2.    The Chancellor's speech on FinTech at 'Innovate Finance': https://www.gov.uk/government/speeches/chancellor-on-developing-fintech

3.    Coverage of the new investigation into the prospects of alternative currencies: http://www.telegraph.co.uk/finance/currency/11014508/George-Osborne-embraces-Bitcoin-as-London-aims-to-be-centre-of-global-financial-technology-revolution.html