[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"877ac816-6e01-47a0-98c0-324c2a626d13","updated_at":"2023-04-14T04:06:38.922368+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The Bitcoin Policy Organization in the UK is focused on promoting education and adoption of Bitcoin, indicating the country's dedication to recognizing the global importance of digital currencies and blockchain technology.","sapo":"The UK's Bitcoin Policy Organization emphasizes increasing Bitcoin education and adoption, demonstrating the nation's commitment to digital currencies and blockchain's worldwide significance","title":"The UK Establishes Bitcoin Policy Organization to Enhance BTC Education and Adoption","content":"

A group consisting of entrepreneurs, environmentalists, and proponents of Bitcoin (BTC -$30,843) have united to support Bitcoin in the UK, with a rallying cry of "God save our gracious coin, and long live the coin."

BPUK brings together stakeholders, policymakers, environmentalists, tax specialists, and Bitcoin experts to explore the potential benefits of Bitcoin for households, businesses, and communities in the UK. The aim is to unleash Bitcoin's potential in the country's growing industry.

BPUK aims to achieve various objectives, including increasing investment, educating students for future Bitcoin jobs, promoting awareness, and exploring ways to use unused and stranded energy resources for Bitcoin mining.

According to Freddie New, the head of policy for BPUK, the origin of this initiative was the Bitcoin Collective Conference in Edinburgh, which is the largest Bitcoin conference in the UK and is scheduled to take place in the autumn of 2022.

Bitcoin advocates Natalie Brunell, Lawrence Lepard, Greg Foss, and Jeff Booth appeared on stage together in 2022

Figure 01. In 2022, Bitcoin proponents Natalie Brunell, Lawrence Lepard, Greg Foss, and Jeff Booth appeared on stage together. Source: Bitcoin Collective

New mentioned to BitScreener that the majority of the team had already been involved in advocating for Bitcoin in some capacity before the conference. However, uniting in this manner will allow them to formalize their actions and concentrate on three interconnected areas.

The objectives include providing policymakers and regulators with accurate and concise information on Bitcoin, promoting the environmental and sustainability advantages of the mining sector, and collecting and providing educational resources for future Bitcoin enthusiasts.

BitScreener readers may recognize several of the advisers and board members. DecentraSuze, an author and journalist whose child recently introduced Bitcoin in the classroom, is a director. Meanwhile, Jordan Walker, co-founder of The Bitcoin Collective, and Mark Morton are advisers. Morton's Scilling Digital Mining, a Bitcoin mining firm, was featured in a recent mini-documentary.

The statement suggests that the UK should take a more proactive stance towards adopting new technologies, including Bitcoin, or it risks falling behind.

New informed Cointelegraph that BPUK is a non-profit organization and aims to generate funds from the community using satoshis or small amounts of BTC via the Lightning Network. The Lightning Network is a layer-2 payment solution built on top of Bitcoin that enables instant payments.

As New stated, a key objective of the team is to identify and utilize renewable, unused, or isolated energy resources throughout the UK.

The team is currently in the process of identifying viable locations for sustainable mining. The plan is to establish a few small-scale mining facilities as "proof-of-concept" sites.

As New outlined, the plan involves inviting UK policymakers to visit these mining facilities and witness them in operation. This would allow policymakers to better understand the industry's ability to address issues like vented methane reduction, support renewable grids through demand response, and consume energy that would otherwise be wasted.

The Bitcoin Collective conference concluded with a bagpiper procession

Figure 02. The Bitcoin Collective conference concluded with a bagpiper procession. Source: YouTube

The UK possesses a growing number of renewable energy sources, but its hash rate, which measures the Bitcoin protocol's security, is lacking. The Cambridge Center for Alternative Finance reports that the UK currently supports only 0.23% of the monthly global hash rate, in contrast to the United States 37.84%.

One of the reasons for the UK's relatively low hash rate is the higher electricity costs compared to the US and Asia and a lack of awareness about Bitcoin mining in the country. Furthermore, the Bitcoin mining industry has faced criticism from traditional media platforms such as The Guardian, which labelled Bitcoin as "digital beef" rather than "digital gold."

The monthly hash rate of Bitcoin mining is represented the UK at 0.23% with a light orange color

Figure 03. The monthly hash rate of Bitcoin mining is represented by a heat map showing the UK at 0.23% with a light orange colour. Source: CCAF

BPUK pointed out that Brexit allows the creation of a distinct Bitcoin and cryptocurrency framework for the UK that differs from the Markets in Crypto-Assets (MiCA) regulation in Europe. The European parliamentary committee overseeing MiCA has raised concerns about Bitcoin mining in the region.

Krista Edmunds, a co-founder of BPUK, drew inspiration from El Salvador's choice to adopt Bitcoin as a legal tender in 2021. According to Edmunds:

The UK has a tremendous chance to lead the way in adopting Bitcoin, potentially becoming one of the first nations to do so. As demonstrated by El Salvador, which is currently benefiting from its progressive approach to Bitcoin, the UK could gain a similar competitive edge. The Bitcoin Policy Organization is committed to supporting the British people in realizing this potential.

From a governmental perspective, the Bitcoin Policy Organization will be able to educate and provide information. According to Lisa Cameron, a member of Parliament and chairperson of the Crypto and Digital Assets All-Party Parliamentary Group (APPG), there is still much to learn about cryptocurrency in the UK. Cameron emphasized that it is crucial for the government to understand Bitcoin and other digital assets, as the UK aims to become a global hub for such technologies. Additionally, there is some confusion regarding Bitcoin, central bank digital currencies, and other forms of cryptocurrency.

New clarified that BPUK is exclusively focused on Bitcoin and aims to ensure that the government's proposals include Bitcoin, if not as a primary focus, then at least as a significant component.

","tags":[{"tag":{"tag":"BTC","id_tag":"btc"}},{"tag":{"tag":"Bitcoin","id_tag":"bitcoin"}},{"tag":{"tag":"Bitcoin Policy","id_tag":"bitcoin-policy"}}],"image":{"fileName":"The-UK-Establishes-Bitcoin-Policy.png"}}]

The UK Establishes Bitcoin Policy Organization to Enhance BTC Education and Adoption

Related topics

Related post