Matt Hancock sees crypto as a ‘force for good in the world’

Hancock praised Ukraine’s Volodymyr Zelensky for using cryptos in the fight against Russia

Portrait of MP Matt Hancock in front of two Union Flags of the UK                                 
Matt Hancock speaking at a media briefing when he was the UK’s Health Secretary – Photo: Alamy

Matt Hancock, the UK government’s former Secretary of State for Health and Social Care, has said cryptos are a “force for good in the world”.

The member of parliament (MP) for West Suffolk made these comments to the London Crypto Club on the 5 April.

Hancock stated that “bad people are going to use all sorts of currencies and have since currencies were invented, which is also true of cryptocurrencies”.

However, he went on to say “the advantages of a currency that is based on the blockchain is that if you get the regulatory piece right, then you get more transparency not less”.

Cryptocurrency and sanctions

In reference to the numerous sanctions placed on Russia due to its invasion of Ukraine, Hancock said: “So when it comes to things like sanctions, you can see the flow of money.”

The Conservative MP went on to praise the “extraordinary” Volodymyr Zelensky, the President of Ukraine. Zelensky is raising money by using crypto “to get cash into Ukraine where he needs it to be able to essentially save the liberal global order”.

Hancock added: “The fact that Zelensky is proactively arguing for, making the case for and changing the law in favour for the use of crypto in Ukraine is a real moment.”

On the 16 March, Zelensky signed and approved a law regulating virtual assets – and allowing exchanges to operate in the country while banks open crypto accounts.

The law will empower local financial authorities to regulate cryptocurrencies, distributing power-making decisions between the National Bank of Ukraine and the National Commission for Securities and Stock Market, which will mainly focus on derivative products and exchange-trade fund (ETF) contracts.

Binance CEO labels Hancock ‘expert in crypto’  

Changpeng Zhao, CEO of Binance, currently the world’s largest cryptocurrency exchange by trading volume, in response to Hancock’s statements, called him an “expert in crypto”.

Zhao said that he met and had a “great chat” with Hancock in March 2022, and he believes Hancock has a “forward thinking mindset”.

Further reading

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