The bill on electronic documents was adopted by the UK House of Lords. The entry into force of the law will make electronic documentation legally recognized.
The decision will contribute to the UK’s goal of becoming a center for cryptocurrencies and blockchain, announced by the United Kingdom’s Chancellor of the Exchequer, Richard Fuller. Electronic documents are meant to increase security as they are easier to trace through the use of blockchain and distributed ledger technology.
Switching to emergency workflow will cut carbon emissions by at least 10% and reduce paperwork costs, says UK Digital Secretary Michelle Donela:
“The UK played a central role in the creation of the international trading system in the nineteenth century, and we again lead the world in the development of world trade in the twenty-first.”
The new cabinet of British Prime Minister Liz Truss announced last month that he was ready to support the development of the crypto industry. Representatives of the new cabinet of ministers confirmed that the promise made by the previous government to turn the country into a cryptocurrency hub will be fulfilled.
Back in May, the UK Treasury announced that it was developing a plan of legislative initiatives that would make the country “a leader in technology and innovation.”
In July, the Investment Association, a trade organization representing British investment managers, said it was lobbying to launch funds traded on the blockchain with digital tokens instead of traditional stocks.
