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Jonny Fry / James Tylee of Digital Bytes by Team Blockchain on Cyber.FM 18th November 2021
Manage episode 313328921 series 3266421
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Jonny Fry is joined by James Tylee to discuss this weeks Digital Bytes newsletter featuring special guest: Andrew Delves, Senior Relationship Manager: Fintech, at ClearBank.
We discuss:
How digital currencies can generate billions of £, $, €, Yen, etc - in the UK, stamp duty on equity trading has exceeded predictions as office workers stay at home and turn into day traders. So, why not levy a 0.5% stamp duty/transaction tax on all crypto trading globally? It could potentially raise over $600billion in tax p.a. Now Mr Taxman, has that got your attention?
DeFi addresses some risks, but potentially creates new ones too - Decentralised Finance is set to disrupt the financial services sector as it ushers-in more transparency - potentially with a return to the spread of both risks and rewards to those involved (in a similar way the mutual insurance firms operated their with ‘profits funds’). Markets will need protection from not just new opportunities, but new risks - both of which invariably come with change.
The infrastructure required by blockchain-powered platforms is unfolding - Infrastructure challenges are being addressed and we are increasingly seeing corporations and governments becoming more engaged with Blockchains and Digital Assets. As they do, we are gaining greater clarity both as to the pros and cons of using this technology and new asset class and the work still required.
Banks and digital assets: from naysayers to pivotal partners - digital assets, Blockchain
technology and cryptocurrency are all moving towards being a part of the mainstream financial system in the UK. With many fintech players introducing the technology into their offerings, it’s clear that digital assets are here to stay. However, to be truly immersed into the mainstream financial system and gain trust and support from consumers, fintech players who are championing digital assets need support from the fundamental gatekeepers of financial infrastructure: traditional banks. Here, Andrew Delves, from ClearBank, explores what this type of collaboration could look like.
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