Putting tax payments or property transactions on blockchain - or issuing a Bank of England-backed digital currency - would help entrench English law as the forum of choice for resolving crypto disputes, the master of the rolls has said in a constitutionally daring intervention into policy-making.
In a speech to a Bank of England symposium on digital assets yesterday, Sir Geoffrey Vos said that despite the crash in the global value of cryptocurrencies - from $3 trillion to $1 trillion in the past nine months - the sector 'must surely be taken seriously'. The distributed ledger technology (DLT) which underpins decentralised finance 'offers advantages that will inevitably be taken up across the financial and industrial sectors,' he said. 'The advantages of the blockchain are so obvious that they will inevitably be taken up over time.'
'A big economic prize' will follow if UK jurisdictions become the legal backdrop of choice for the sector he said.
The UK is 'moving in the right...
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