What is the story, blockchain goal?

Long-time alphaville readers will remember that in 2018, after a certain cabinet minister-at that time only one who was fallen badly fallen Tory-had resigned from two appointments in connection with blockchain technology when we discovered a secret crypto-play deal, to initiate a series with the title "What is the Tory crypto history? " (This title will address you if you are over 30 years old and British.)

Afterwards easy embarrassment for the Minister of Transport Michael Grün Grant Shapps, the Tory crypto train chokes. There was the spectacular flop of the Equi crypto project by Tory Baroness Mone; Then Chancellor Philip was "Spreadsheet" Hammond, who applied for blockchain as a simple solution to the Irish border problem; Recently, the chairman of the British Committee on Foreign Affairs, Tom Tugendhat, preached the advantages of cryptography by an unforgettable syntax like "When the queen's head and continues to blockchain". And of course there was David Cameron before each of them - a man who is known for his impeccable taste in all financial matters.

It's not just crypto; It is also blockchain. In a November report entitled "Blockchain Industry in the UK Landscape Overview 2021" by "Innovation Eye" and the "Big Innovation Center", the love affair of the ruling party with all things in connection with the distributed dream book has been recorded in the past five years. It is a beautiful and politically informative diagram:

just look at this blue sea! If you are surprised by the red block in the second line, Chi Onwurah, Labor MP for Newcastle Upon Tyne Central, which has a background to technology. But if she blockchain mentions, it means saying things like: "For some, blockchain is a way to avoid governments", and that the "libertarian idea that technology is the answer to everything has promoted our regulatory approach too long". Music for our Luddite Luddites, Tbh.

On the other side of the chamber, however, there is a new crypto playa in the city. And the new advocate virtual currencies is none other than the king of virtual tears personally, Mr. Matthew Hancock, a former cabinet minister and now only a tory member who falls badly (you may notice a topic).

to go to bed with crypto is "vital"

After he resigned from his job as Minister of Health after an affair with an assistant, it seems that our matt has looked at higher things. In fact, so that one could say it is on the way to the moon - the MP for the current pinned tweet from West Suffolk is the following:

It is of crucial importance that Britain becomes the home of new innovations such as fintech and cryptocurrencies.

My part in it @Cityam Great Britain after Brexit ⬇️https: //t.co/gcpuigbu1z

-Matt Hancock (@mathancock) January 2022

That is right. According to Hancock, Great Britain should not only accept the notorious and stable world of cryptocurrencies, but should actually be “at home”, which always means.

from his play:

Every second advertising on the tube seems to be for cryptocurrency. Great Britain should be the natural place to develop new markets like this - with a liberal, advanced regulatory system that makes this radical new innovation thrive and enables people to take their own risks. . .

We need a commitment to an advanced, liberal environment for FinTech, including cryptocurrencies, enables people to spend their own money at will, earn - or lose - as they want . We have to use modern technologies to make people's lives easier - for example, payments, especially international payments, make it easier and cheaper.

Yes, come on the controller! Why would you try to protect people from losing all their money? There is advertising on the tube, ok? This stuff has to be real!

he continues:

Great Britain should welcome, accept and lead these changes. But In recent years, our lead in the FinTech area has come across a reactionary risk aversion among the supervisory authorities.

Instead, we have to accept the change and don't fear it. This means the introduction of a regulatory system that protects people, especially from systemic risks.

um, are it just us or does the last sentence there contradict the previous paragraph? How can Hancock push for a regulatory system that protects people and protects against systemic risks, and at the same time push for a less risk -averting regulatory framework for FinTech?

in his Comments on Krypto and Fintech in parliament A few days earlier, Hancock went further and had explained:

After Brexit, Great Britain has the chance to become the home of FinTech, which can not only be an economic engine, but can also contribute to containing fraud and financial crime due to the associated transparency.

Well, we have to be honest: the fight against fraud and financial crime is not * entirely * the first things that come to mind when we think of crypto and fintech, but we think we should agree with this man in case of doubt.

But all of these crypto and fintech and blockchain shillings- he told the Express last week that Blockchain "had a wide range of applications regarding secure contracts and greater transparency"- let us ask what was going on. Has Hancock only demonstrated his technical qualifications before preparing for a run at the top in a post-boris future? Did he keep an eye on one of these comfortable crypto jobs that Hammond recently landed? Or was there anything else?

Blockchain brothers

In our search for an answer, we came across the LinkedIn profile of Matt's brother Chris. It turns out that he is the founder and CEO of a fintech company named Crowd2fund, a peer-to-peer credit company that claims to "offer a new generation of investments in order to drive a cultural change away from traditional banking systems". The Guardian wrote about this company in 2019 and reports that:

As Minister of State for Skills and Companies in 2013, Matt Hancock worked in the government department, which was responsible for the establishment of the regulatory framework for crowdfunding.

In 2013, Matt Hancock told the lower house: “We support crowdfunding financially, not least through the new commercial bank, but we also ensure that it can work in a high -quality setting..

On another occasion, Matt Hancock asked another MP to "also deal with peer-to-peer financing, whether equity or loan, since this is a small but growing part of the market, can look at the company if they try to gain access to funds". .

Hancock's urging was in October 2013. According to Chris Hancock's LinkedIn- and Companie House recordings, crowd2fund was founded just a few months later.

and crowd2fund is not Chris Hancock's only advance into the world of fintech-he also has his fingers in blockchain cake. He has a company called FinBlocks, a "global security, compliance, deposit and payment system", which "enables customers to use the advantages of the blockchain easily, easily and in a compliant way".

Last April, Matt Hancock was accused of Labor from the “nepotism” after explaining that he had a 15 percent participation in Topwood Limited, an approved supplier of the NHS England. Hancock's sister Emily Gilruth is mentioned in the Companies House as director of the company.

We asked Matt Hancock whether he believes that in view of his brother's work there is a conflict of interest if he works for the elimination of obstacles for the FinTech industry and for crypto and blockchain projects. We also asked him if he had a comment at the time the Crowd2fund was founded.

A spokesman for the MP told us:

As the FT was explained, this factual subordination of misconduct is not only incorrect and unfounded, but also embarrassing. Matt has many years of expertise in digital matters and the idea that he should not talk about something that he has detailed knowledge of because his brother is an entrepreneur is clearly absurd. This is unfounded speculation, no journalism

We were then sent two updated versions of the comment, which removed the "embarrassing" part and the "unfounded speculation part" and added that Hancock was a "champion of the fintech", but we preferred the original.

We understand that Matt Hancock neither invests in crypto nor has any financial interest in his brother's fintech company.