The dominance of crypto in the market has inspired a group of investors, policymakers, and environmentalists from Britain to develop Bitcoin Policy UK (BPUK). The BPUK will accelerate the growth of Bitcoin in the region by providing the locals with opportunities to learn and improve their quality of life.
The team plans to explore ways Bitcoin will support business growth in the region. The BPUK project team outlined the main goals of the project, which include creating employment opportunities and boosting business performance.
Role of the Bitcoin Policy UK
The BPUK will be utilized as a tool for education and to sensitize the community on the advantages of decentralized currency. The scholars implement the BPUK platform to conduct extensive research on methods to conserve renewable energy produced from Bitcoin mining activities.
A report from BPUK head of policy Freddie New revealed that the idea to create such a promising project was generated during the last year’s Bitcoin Collective Conference in Edinburgh. During the event, Fred met a larger team of crypto enthusiasts who had been pursuing major projects on Bitcoin.
The engagement with other attendees at the event enabled Fred to collaborate with other Bitcoin advocacy groups to create the BPUK project. Reportedly, at the event the team agreed to prioritize three significant objectives of the BPUK.
They agreed to gather information on Bitcoin and present it to the financial watchdogs in the UK. Fred and the team decided to investigate the benefits of Bitcoin mines to the UK economy.
Also, they planned to provide learning institutions with Bitcoin-related studies. Fred affirmed that the efforts made by his team aimed at preparing the next Bitcoin community in the UK.
Analysis of Bitcoin Adoption in the UK
In addition, the BPUK team comprises of a team of advisers led by the co-founder of The Bitcoin Collective, Jordan Walker, and Mark Morton, among other crypto-native individuals. A recent report by Morton stated that the BPUK has massive potential to transform the UK education system through Bitcoin training.
He stated that the UK should cope with emerging technologies such as Bitcoin. Morton underscored the risk associated with the “Luddite” economy.
Also, he noted that the BPUK program would be a non-profit project. The BPUK will launch promising projects, such as funding projects using Bitcoin’s Lightning Network (LN) and Satoshi program.
The BPUK team plans to work with private and public sectors to increase renewable energy supply in the UK. They intend to assess viable mining sites in the UK where proof-of-concept technologies will be established.
Soon after successfully launching the mines, the team will engage the British legislators to demonstrate practical techniques to address methane production in the mining industry. Also, during the engagement with policymakers, the BPUK team will emphasize the need to invest in renewable energy plants.
Bitcoin Policy UK Objectives
A recent Cambridge Center for Alternative Finance (CCAF) survey revealed that the energy produced in the UK for burning hash rates constituted 0.23%. While the US produces 37.84% of the monthly hash rate. This demonstrates that the UK has a lower hash rate than the US and other European countries.
The CCAF research team observed that the cost of electricity in the UK is higher than in Asia and the US. They noted that the UK still needs to be aware of Bitcoin mining.
The CCAF findings were supported by the UK media houses, who argued that the country lacks awareness of Bitcoin mining. The media labeled Bitcoin mining as a “digital beef.”
The inappropriate reference to Bitcoin by the newsrooms sparked negativism in crypto mining activities in the UK. According to BPUK, the exit of the UK from the European Union allows the country to expand the crypto sector.
The UK will operates separately from the markets in crypto assets (MiCA) regulations adopted the EU countries. A review of MiCA regulation demonstrates that the regulators are against Bitcoin mining activities in the Eurozone.
In an interview, the co-founder of BPUK, Krista Edmunds, renamed El Salvador the epitome of Bitcoin adoption. Edmunds stated that the Salvadorian crypto-friendly environment had motivated BPUK to take bold steps to push Bitcoin adoption in the UK.
He stated that the UK has more opportunities to support Bitcoin’s growth and become the first global crypto hub. Edmunds restated that the actualization of the El Salvador Bitcoin objective has demonstrated the possibility for the world to embrace crypto assets.
He argued that the UK could replicate the El Salvador efforts in Bitcoin adoption to be at a competitive edge. In his statement Edmunds urged British nationals to extend their support in increasing Bitcoin adoption in the region.
Furthermore, Edmund reiterated that the BPUK team would provide the British with Bitcoin training sessions and seminars. The BPUK education program will support the UK government’s vision of becoming an international crypto hub.
In 2022, the head of cryptocurrency and digital assets in the UK, Lisa Cameron, mentioned that the country is in the early stages of exploring crypto. Cameron confessed that the UK nationals are unfamiliar with Bitcoin, central bank digital currencies (CBDC), among other digital assets.