UK Looks To Crypto As No Deal Brexit Looms

While the phrase "the empire on which the sun never sets" has been used in recent history to describe the power and influence wielded by the British empire that was before the potential for an unthinkable No Deal Brexit which could bring the British financial empire to its knees.

With the intertwined nature of the UK and the rest of the European Union, no one outside of the UK expected Brexit to become a reality. Post the initial success of the Brexit vote there were many who, when confronted with the actual impact of the vote, expected it to be overturned. However, with Boris Johnson and the Conservative Party’s recent parliamentary success, a disruptive No Deal Brexit is a looming reality.

✓What Does “No Deal Brexit” Mean?

As a member of the EU, the United Kingdom and its citizens share in the benefits of the current treat governing all member states. However, once a member state has indicated a desire to withdraw from the EU all such benefits cease to apply to the leaving country within two years.

Within this period the country in question and the EU need to come to a new agreement on how to handle such issues as citizens' rights, border arrangements, money liabilities, and resolution of disputes.

If no such agreement can be reached it is considered a No Deal separation and all previously held rights and privileges are forfeited. This will negatively impact Britain’s travelling abroad and bring trade to its knees as all imports and exports will be halted causing massive financial losses and harmfully impacting the economy.

✓Britain Looks To Crypto For A Lifeline

With this potential loss of imports and exports and the resultant potential financial crisis residents of the UK have turned their attention to cryptocurrencies and their platforms as a financial lifeboat.

In preparation for a post-Christmas rush on virtual coins, especially Bitcoin, Blockchain.com has added a specific Pound Sterling (GBP) gateway to The Pit, their cryptocurrency exchange. This will now allow UK resident to buy into various virtual coins via the exchange using the UK-only Fast Payment system.

While the festive season will see many British people enjoying the calm before the storm there is an expectation of a sudden surge in activity early in January 2020 given that Brexit is forecast to begin as early as January 31st, 2020.