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Blockchain May Jeopardize London’s Financial and Tax Collection Systems, Proclaims John Straw

John Straw, a senior advisor to IBM and McKinsey, has warned that blockchain could render the financial service sector in London irrelevant. He also noted that the city’s banks could be destroyed, making the collection of corporate and personal taxes cumbersome.

Straw’s notion is that the National Health Service (NHS) will be jeopardized because no tax will be remitted as blockchain technologies, such as Ethereum, will make banks redundant. He also stated that blockchain is very powerful based on its ability to present independent parties with binding ‘smart contracts.’

Straw stated:

“Let’s say that somebody actually does produce a working blockchain peer-to-peer [financial] system. It’ll be a lending system that actually scales, we won’t need banks anymore.”

He also added:

“That means we’ll have no central clearing houses, which means that they don’t exist, and they don’t, therefore, pay tax. So who’s going to pay for the NHS?”

Straw was, however, of a contrary opinion as he acknowledged that blockchain-powered smart contracts were “a bit of a joy” as they prompted automated remittances, faster transactions, and eradicated lawyers, among others.

Blockchain technology is continuously rising to the top in different sectors. As reported by Blockchain.News on Oct 18, Farm to Plate, a blockchain-enabled provenance tracking portal by Paramount Software Solutions, is set to address the challenge of recalls witnessed in the food & beverage sector.

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Bitcoin ATMs Reign Supreme in East and South London

The confidence of residents of East and South London has been boosted as they no longer have to fear crypto scams based on the flourishing number of Bitcoin ATMs.

With around 15 ATMs spread across this area, the trading process is continuously being simplified across the entire ATM network, which consists of at least 150 machines in the whole of London.

Based on statistics availed by BCB ATM, an operator of Bitcoin ATMs in East London, these machines are used 30 to 40 times daily.

Bitcoin ATMs Gaining Traction among Users

Small traders and individuals are favoring the Bitcoin ATMs as they are an easy way of getting started in Bitcoin usage. Additionally, the instant processing payment offered is advantageous as users avoid the online market thriving with scam websites.

Some of the limitations provided when using the Bitcoin ATMs include trades that must not exceed £500 daily. Additionally, a user is subjected to an ID verification process before any transaction is permitted.

The CEO and Founder of BCB ATM, Landry Ntahe, acknowledged: “In London, especially in East London, we are seeing more interest from retailers to install ATMs as they recognize that they drive traffic into stores, and shoppers then tend to spend [a] while in the shops.”

He also added: “Over the last year, we have seen rapid growth in the adoption of Bitcoin, and consequently for our machines, as people become more confident about using the online currency.”

The Bitcoin market in East and South London is projected to continue thriving as it is seen as the new way of doing business, making Bitcoin ATMs ideal.

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Ethereum Closed in Green for 7 Weeks amid Burnt Ether Topping $4b

Even though Ethereum (ETH) had retraced to the $4,313 level during intraday trading, the second-largest cryptocurrency continues to make headlines based on notable achievements.

Ethereum has made seven positive weekly closes, given that it has enjoyed a significant upward momentum this quarter.

For instance, ETH recently reached a record high of $4,860, a scenario not seen in its 6-year journey. Furthermore, Ethereum is eyeing eight consecutive positive quarters.

Based on the current pullback witnessed in the ETH market, on-chain analyst Lark Davis believes that Ethereum is looking at the next major area of price support at $4,000.

Burnt Ether surpasses $4 billion

According to data analytic firm IntoTheBlock:

“Ethereum deployment of EIP-1559 has led to over 850,000 ETH ($4B+) burned.”

The London Hardfork or EIP 1559 upgrade was launched in August and it introduced a feature where Ether would be burnt every time it is used in transactions. This has been causing a supply deficit, which prompts a price increase whenever demand rises.

On the other hand, ETH addresses with more than 10,000 coins have offloaded their holdings because they reached a 6-month low of 1,173.

Meanwhile, Ethereum has been shifting to cold wallets for holding and DeFi-related activities based on diminishing supply on crypto exchanges.

ETH is one of the sought-after networks in the decentralized finance (DeFi) sectors based on some of the features it offers like smart contracts. DeFi enables users to trade, lend or borrow crypto assets in the absence of an intermediary.

Institutional investments have also been trickling into the Ethereum network. For instance, institutional holdings in Grayscale Ethereum Trust rose by 19% in the third quarter of 2021, according to SEC filings.

London is the Next Station for The Internationally Overarching Blockchain Summit

As the Most Prodigious and the Largest Blockchain & Crypto Conferences Hub, Blockchain Economy Summit has just successfully finished its Most Global Blockchain Event Ever in Dubai, UAE on 4-5 October, 2022 with more than 3000 profoundly gratified attendees from 74 countries all over the world. Blockchain Economy Dubai Summit hosted dozens of sponsors like GARI, Chingari, NAGAX, Codego, Point Network, Gton Capital and many more at this astounding 5th Edition of the Blockchain Economy Summit. The Main Stage of the Conference welcomed many of the high-quality speakers who are experts in blockchain and crypto industry such as Vas Modinos, Services Solution Lead at Microsoft and Founder of Blockready, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and Guest of Honor of the Conference with his Opening Keynote Speech, Sumit Ghosh, CEO and Founder of Chingari, Ivan Liljeqvist, Founder of Moralis, Entrepreneur and Software Developer, Ramia Farrage, MC, Senior Producer and Presenter, Forbes, Benjamin Bilski, German Serial Tech Entrepreneur, Founder and CEO of NAGA, Forbes 30 Under 30, Alena Afanaseva, Co-founder and CEO of BeInCrypto, Adrian Zduńczyk, Chartered Market Technician, Founder of The Birb Nest and many more who have shared their expertise and knowledge with an academy-level speech. It’ll be incomplete without mentioning Titan the Robot, the Blockchain Economy Summit Ambassador, King of the Robots, a stunning and awe-inspiring piece of technology who attracted the BE audience from thin air and had people crying with laughter at his hilarious antics at this Epic Round of the Blockchain Economy Summit in Dubai.

The 6th Edition of the World’s Flagship Blockchain & Crypto Event is going to be held on February 27-28, 2023 in London, UK. The long-awaited Event of the blockchain and crypto community is finally ready to embrace its enthusiasts in the core of the World’s Financial Capital. Those who are excited about the future of the finance world and fin-tech will be at the UK’s largest ever blockchain event uniting together the key players of crypto industry and experts to redefine the future of finance. General Manager of the Blockchain Economy Summit, Servi Aman quotes: “London has already proved itself in terms of economic and financial value. The attraction of crypto companies will increase substantially as the UK government is working towards a blockchain-based economy. This is a colossal opportunity to showcase the strengths of the blockchain & crypto platform”. As the future draws nearer, people all over the world from experts to regular citizens have their eyes on the industry’s progress.

The top-notch topics of the forthcoming Blockchain Economy London Summit appears to be use cases and mass adoption of blockchain, cryptocurrencies, blockchain gaming, regulation of virtual assets/cryptocurrencies worldwide and in London/UK, Bitcoin, Web 3, NFTs, Metaverse, De-Fi, mining, investing and trading on cryptocurrencies, the implementation of blockchain technology in businesses and government, and many more. The expected attendance for the 6-th edition of Blockchain Economy Summit is exceeding 3,000 participants from more than 65 countries. Further information is available on the summit website: https://blockchaineconomy.london/

To sponsor the World’s Flagship Blockchain Summit and reserve a booth: https://blockchaineconomy.london/why-sponsor

Tickets are available here: https://blockchaineconomy.london/tickets

Event info:

Name: Blockchain Economy London Summit

Date: February 27-28, 2023

Event Hashtag: #BESUMMIT

Venue: Magazine London

15% Discount Code on Standard Tickets: BELONDON15