While the UK Government is known for its conservative stance, it has been proven to be future-focused when it comes down to supporting bitcoin and its underlying technology, the blockchain.
According to recent reports, it seems like the UK Government is considering to monitor and payout researcher grants that are taxpayer-funded via bitcoin.
In a recent press statement, Matthew Hancock, the minister for the Cabinet Office, but also the paymaster general said that: “Monitoring and controlling the use of grants is incredibly complex. A blockchain, accessible to all the parties involved, might be a better way of solving that problem.”
As the government has been exploring various ways of using bitcoin and blockchain for a while now, this initiative may transform Britain into the first country to pay people via bitcoin for their research efforts. Politicians can often prove wary of discussing blockchain initiatives, due to its difficult technical aspects, alongside with the damaged impression that people have on digital currencies.
When asked about the blockchain initiative, the Cabinet Office stated that using bitcoin to disburse these funds represents a possibility. While the cabinet office is not rolling out any technology at this time, the government is reportedly open to all ideas, and is still looking for other ways of implementing blockchain technologies. In fact, not long ago, the Government’s chief scientist published a report where he stated that: “If applied within government it could reduce costs, increase transparency, improve citizens’ financial inclusion and promote innovation and economic growth.”
Based on everything that has been outlined so far, what do you think about Britain’s growing love for the blockchain and digital currencies? Let us know your thoughts in the comment section below.
Source: British Government
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