Boris Johnson has given a speech to a conference on blockchain, the technology behind cryptocurrency, as part of his lucrative post-No 10 lecture circuit, despite controversy around the industry following the multibillion-dollar collapse of the FTX change.In his speech, he suggested the advent of blockchain was full of possibilities and appeared to compare it to major technological innovations such as the invention of fireplace, the railways, and the web.But he also said he supported the idea of more regulation of cryptocurrencies and argued that its advocates “have to convince people that their use cases are real and work for them in their lives, opposed to this being about speculation and a new type of financial market or instrument”.(*10*) he said.Johnson has not yet declared how much he was paid for the speech or who funded it and his trip to Singapore, where he disclosed he was staying in the five-star hotel Raffles, which can cost £1,000 per evening.It comes after he was paid £276,130 from the Council of Insurance Agents & Brokers for another speech in the US. He has also taken almost £40,000 of free accommodation from the family of Anthony Bamford, a major Tory donor, £11,560 of hospitality from Rupert Murdoch in the US and £10,000 of hospitality at Heathrow airport’s royal suite.Blockchain technology is used to provide a secure way of making and recording transactions, most commonly for the cryptocurrency bitcoin.It is largely unregulated but it has come under intense scrutiny from governments in recent weeks following the demise of one of the world’s largest cryptocurrency exchanges, FTX, leaving thousands frozen out of their financial savings. The value of the best-known cryptocurrency, bitcoin, has also plunged.Many cryptocurrency giants have been arguing in favour of regulation but some governments and regulators fear that this would give it status and credibility by putting it on a par with traditional finance.This week, the European Central Bank said bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.However, supporters of the technology include the new prime minister Rishi Sunak, who has previously said he wants to make the UK a global hub for cryptoasset technology and funding.Matt Hancock, the former health secretary, has also vocally supported technologies behind cryptocurrency, and took £11,638 of hospitality to attend a crypto currency conference called Permissionless Experience in Florida, as well as £10,000 to speak at a fintech conference called LendIt.Speaking at the Blockchain Symposium in Singapore, Johnson described the room of blockchain enthusiasts as “pioneers at the cutting edge of a new and still infant technology whose possibility the whole world is struggling to assess”, including: “Given the huge controversies … and given all the delicacies and sensitivities I will do my best to tiptoe through the minefield with the tact for which I am famed.”He also urged them, as “innovators everywhere [do], with the possible exception of Singapore, come to London, come to the UK”.Sign up to First EditionFree daily publicationArchie Bland and Nimo Omer take you through the top stories and what they imply, free every weekday morning & More Trending News

 

Boris Johnson has given a speech to a conference on blockchain, the technology behind cryptocurrency, as part of his lucrative post-No 10 lecture circuit, despite controversy around the industry following the multibillion-dollar collapse of the FTX change.

In his speech, he suggested the advent of blockchain was full of possibilities and appeared to compare it to major technological innovations such as the invention of fireplace, the railways, and the web.

But he also said he supported the idea of more regulation of cryptocurrencies and argued that its advocates “have to convince people that their use cases are real and work for them in their lives, opposed to this being about speculation and a new type of financial market or instrument”.

(*10*) he said.

Johnson has not yet declared how much he was paid for the speech or who funded it and his trip to Singapore, where he disclosed he was staying in the five-star hotel Raffles, which can cost £1,000 per evening.

It comes after he was paid £276,130 from the Council of Insurance Agents & Brokers for another speech in the US. He has also taken almost £40,000 of free accommodation from the family of Anthony Bamford, a major Tory donor, £11,560 of hospitality from Rupert Murdoch in the US and £10,000 of hospitality at Heathrow airport’s royal suite.

Blockchain technology is used to provide a secure way of making and recording transactions, most commonly for the cryptocurrency bitcoin.

It is largely unregulated but it has come under intense scrutiny from governments in recent weeks following the demise of one of the world’s largest cryptocurrency exchanges, FTX, leaving thousands frozen out of their financial savings. The value of the best-known cryptocurrency, bitcoin, has also plunged.

Many cryptocurrency giants have been arguing in favour of regulation but some governments and regulators fear that this would give it status and credibility by putting it on a par with traditional finance.

This week, the European Central Bank said bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.

However, supporters of the technology include the new prime minister Rishi Sunak, who has previously said he wants to make the UK a global hub for cryptoasset technology and funding.

Matt Hancock, the former health secretary, has also vocally supported technologies behind cryptocurrency, and took £11,638 of hospitality to attend a crypto currency conference called Permissionless Experience in Florida, as well as £10,000 to speak at a fintech conference called LendIt.

Speaking at the Blockchain Symposium in Singapore, Johnson described the room of blockchain enthusiasts as “pioneers at the cutting edge of a new and still infant technology whose possibility the whole world is struggling to assess”, including: “Given the huge controversies … and given all the delicacies and sensitivities I will do my best to tiptoe through the minefield with the tact for which I am famed.”

He also urged them, as “innovators everywhere [do], with the possible exception of Singapore, come to London, come to the UK”.

Johnson said technology is “morally neutral” and scepticism about its makes use of are “generally wrong”. He also said the “blockchain idea seems to me to have all sorts of possibilities to allow people to deal with people without a third party to authenticate” but he drew a distinction between the technology and its use through cryptocurrencies.

On cryptocurrencies, he said his query was “who is in charge of the clattering train, because I’ve seen some pretty shocking headlines about this whole venture and I think we are going to need to have some way of holding people to account”.

“If it’s going to succeed and if it’s going to build trust, then it’s obviously got to be regulated in such as way to command confidence in such a way as to visibly protect all participants,” Johnson said.

He said a higher relationship between the cryptocurrency industry and politicians “would have to happen if this thing has a future”.

The former prime minister also gave his views on Twitter, saying it could possibly be an “intimidating environment for politicians” and pile-ons have been like “nothing they had been prepared for”.

He said a “twitstorm can flare up like a typhoon in the south China seas and cause your plane to buffet but it doesn’t really reflect what’s going on in the rest of the world”. However, he said politicians would need to “learn to have thicker skins about it” and discover “ways of doing it without feeling beaten up – I don’t read much of it”.

Boris Johnson has given a speech to a conference on blockchain, the technology behind cryptocurrency, as part of his lucrative post-No 10 lecture circuit, despite controversy around the industry following the multibillion-dollar collapse of the FTX change.In his speech, he suggested the advent of blockchain was full of possibilities and appeared to compare it to major technological innovations such as the invention of fireplace, the railways, and the web.But he also said he supported the idea of more regulation of cryptocurrencies and argued that its advocates “have to convince people that their use cases are real and work for them in their lives, opposed to this being about speculation and a new type of financial market or instrument”.(*10*) he said.Johnson has not yet declared how much he was paid for the speech or who funded it and his trip to Singapore, where he disclosed he was staying in the five-star hotel Raffles, which can cost £1,000 per evening.It comes after he was paid £276,130 from the Council of Insurance Agents & Brokers for another speech in the US. He has also taken almost £40,000 of free accommodation from the family of Anthony Bamford, a major Tory donor, £11,560 of hospitality from Rupert Murdoch in the US and £10,000 of hospitality at Heathrow airport’s royal suite.Blockchain technology is used to provide a secure way of making and recording transactions, most commonly for the cryptocurrency bitcoin.It is largely unregulated but it has come under intense scrutiny from governments in recent weeks following the demise of one of the world’s largest cryptocurrency exchanges, FTX, leaving thousands frozen out of their financial savings. The value of the best-known cryptocurrency, bitcoin, has also plunged.Many cryptocurrency giants have been arguing in favour of regulation but some governments and regulators fear that this would give it status and credibility by putting it on a par with traditional finance.This week, the European Central Bank said bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.However, supporters of the technology include the new prime minister Rishi Sunak, who has previously said he wants to make the UK a global hub for cryptoasset technology and funding.Matt Hancock, the former health secretary, has also vocally supported technologies behind cryptocurrency, and took £11,638 of hospitality to attend a crypto currency conference called Permissionless Experience in Florida, as well as £10,000 to speak at a fintech conference called LendIt.Speaking at the Blockchain Symposium in Singapore, Johnson described the room of blockchain enthusiasts as “pioneers at the cutting edge of a new and still infant technology whose possibility the whole world is struggling to assess”, including: “Given the huge controversies … and given all the delicacies and sensitivities I will do my best to tiptoe through the minefield with the tact for which I am famed.”He also urged them, as “innovators everywhere [do], with the possible exception of Singapore, come to London, come to the UK”.Sign up to First EditionFree daily publicationArchie Bland and Nimo Omer take you through the top stories and what they imply, free every weekday morning

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Boris Johnson has given a speech to a conference on blockchain, the technology behind cryptocurrency, as part of his lucrative post-No 10 lecture circuit, despite controversy around the industry following the multibillion-dollar collapse of the FTX change.In his speech, he suggested the advent of blockchain was full of possibilities and appeared to compare it to major technological innovations such as the invention of fireplace, the railways, and the web.But he also said he supported the idea of more regulation of cryptocurrencies and argued that its advocates “have to convince people that their use cases are real and work for them in their lives, opposed to this being about speculation and a new type of financial market or instrument”.(*10*) he said.Johnson has not yet declared how much he was paid for the speech or who funded it and his trip to Singapore, where he disclosed he was staying in the five-star hotel Raffles, which can cost £1,000 per evening.It comes after he was paid £276,130 from the Council of Insurance Agents & Brokers for another speech in the US. He has also taken almost £40,000 of free accommodation from the family of Anthony Bamford, a major Tory donor, £11,560 of hospitality from Rupert Murdoch in the US and £10,000 of hospitality at Heathrow airport’s royal suite.Blockchain technology is used to provide a secure way of making and recording transactions, most commonly for the cryptocurrency bitcoin.It is largely unregulated but it has come under intense scrutiny from governments in recent weeks following the demise of one of the world’s largest cryptocurrency exchanges, FTX, leaving thousands frozen out of their financial savings. The value of the best-known cryptocurrency, bitcoin, has also plunged.Many cryptocurrency giants have been arguing in favour of regulation but some governments and regulators fear that this would give it status and credibility by putting it on a par with traditional finance.This week, the European Central Bank said bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.However, supporters of the technology include the new prime minister Rishi Sunak, who has previously said he wants to make the UK a global hub for cryptoasset technology and funding.Matt Hancock, the former health secretary, has also vocally supported technologies behind cryptocurrency, and took £11,638 of hospitality to attend a crypto currency conference called Permissionless Experience in Florida, as well as £10,000 to speak at a fintech conference called LendIt.Speaking at the Blockchain Symposium in Singapore, Johnson described the room of blockchain enthusiasts as “pioneers at the cutting edge of a new and still infant technology whose possibility the whole world is struggling to assess”, including: “Given the huge controversies … and given all the delicacies and sensitivities I will do my best to tiptoe through the minefield with the tact for which I am famed.”He also urged them, as “innovators everywhere [do], with the possible exception of Singapore, come to London, come to the UK”.Sign up to First EditionFree daily publicationArchie Bland and Nimo Omer take you through the top stories and what they imply, free every weekday morning

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Boris Johnson has given a speech to a conference on blockchain, the technology behind cryptocurrency, as part of his lucrative post-No 10 lecture circuit, despite controversy around the industry following the multibillion-dollar collapse of the FTX change.In his speech, he suggested the advent of blockchain was full of possibilities and appeared to compare it to major technological innovations such as the invention of fireplace, the railways, and the web.But he also said he supported the idea of more regulation of cryptocurrencies and argued that its advocates “have to convince people that their use cases are real and work for them in their lives, opposed to this being about speculation and a new type of financial market or instrument”.(*10*) he said.Johnson has not yet declared how much he was paid for the speech or who funded it and his trip to Singapore, where he disclosed he was staying in the five-star hotel Raffles, which can cost £1,000 per evening.It comes after he was paid £276,130 from the Council of Insurance Agents & Brokers for another speech in the US. He has also taken almost £40,000 of free accommodation from the family of Anthony Bamford, a major Tory donor, £11,560 of hospitality from Rupert Murdoch in the US and £10,000 of hospitality at Heathrow airport’s royal suite.Blockchain technology is used to provide a secure way of making and recording transactions, most commonly for the cryptocurrency bitcoin.It is largely unregulated but it has come under intense scrutiny from governments in recent weeks following the demise of one of the world’s largest cryptocurrency exchanges, FTX, leaving thousands frozen out of their financial savings. The value of the best-known cryptocurrency, bitcoin, has also plunged.Many cryptocurrency giants have been arguing in favour of regulation but some governments and regulators fear that this would give it status and credibility by putting it on a par with traditional finance.This week, the European Central Bank said bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.However, supporters of the technology include the new prime minister Rishi Sunak, who has previously said he wants to make the UK a global hub for cryptoasset technology and funding.Matt Hancock, the former health secretary, has also vocally supported technologies behind cryptocurrency, and took £11,638 of hospitality to attend a crypto currency conference called Permissionless Experience in Florida, as well as £10,000 to speak at a fintech conference called LendIt.Speaking at the Blockchain Symposium in Singapore, Johnson described the room of blockchain enthusiasts as “pioneers at the cutting edge of a new and still infant technology whose possibility the whole world is struggling to assess”, including: “Given the huge controversies … and given all the delicacies and sensitivities I will do my best to tiptoe through the minefield with the tact for which I am famed.”He also urged them, as “innovators everywhere [do], with the possible exception of Singapore, come to London, come to the UK”.Sign up to First EditionFree daily publicationArchie Bland and Nimo Omer take you through the top stories and what they imply, free every weekday morning

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