UK crypto groups push to add blockchain in ‘Tech Bridge’ with U.S.

A group of tech and crypto firms is pushing for blockchain to be included in the “tech bridge” deal with the U.S.

Summary

• The UK and the U.S. should include blockchain in their “tech bridge” trade deal
• Crypto groups argue that the UK risks staying on the sidelines while other regions develop
• A government spokesperson stated that the U.S. and the UK are natural partners in technology

U.K. trade groups are pushing the government to include blockchain technology in the trade deal with the U.S. On Friday, Sept. 12, Bloomberg reported that several groups from finance, tech, and crypto advocated that digital assets should be the core of the proposed tech collaboration between the U.S. and the U.K.

The group, including the U.K. Cryptoasset Business Council, UK Finance, and TheCityUK, sent a letter to U.K. Business Secretary Peter Kyle, as well as Economic Secretary to the Treasury Lucy Rigby.

UK sees U.S. as natural partner in tech

The term “tech bridge” refers to the U.K.’s push for cooperation on advanced technology with the U.S. Notably, on Sept. 7, Peter Mandelson, the U.K.’s ambassador to Washington, called for the two countries to cooperate on key technologies. This includes AI, quantum computing, and other high-tech areas.

Technologies like AI and quantum computing require large investments, often too costly for individual countries except those as big as the U.S. For this reason, the U.K. likely sees a partnership with the U.S. as the best way to play a part in the development of these technologies.