What Does Scotland’s Fintech Push Mean for Bitcoin?

Bitcoin and cryptocurrency is an integral part of Fintech all over the world. Scotland has recently announced their five-year plan to become a Fintech hub shortly, and the Fintech Strategy Group has been created.

Scotland Embarks On Fintech Push

Many countries around the world are focusing their attention on the Fintech industry right now, as no one wants to be left out by the look of things. Scotland is the latest country to join this frenzy, as they have established a Fintech Strategy Group to become a financial innovation hub in the next five years.

It comes as no surprise to find out the Fintech Strategy Group is chaired by a member of the Royal Bank of Scotland. After all, it is in the best interest of financial entities and institutions to be a part of the financial technology movement, if they want to keep up with growing consumer demand for more personalized services.

Over the next five years, the plan is to embrace innovative new technologies in financial services, although no specific details were announced. This could indicate both Bitcoin and blockchain could become a point of focus for Scotland, as cryptocurrency and distributed ledger technology hold a lot of promise in the financial industry.

Scottish Financial Enterprise Chief Executive Graeme Jones told the media:

“The financial services cluster in Scotland is second only to London in the UK in scale and diversity, providing a critical mass to build on with the new developments created by fintech. The diverse global economy which financial services in Scotland serves, provides opportunities to work across different industries collaboratively and develop a shared strategic approach.”

Startups and companies experienced in the field of Fintech, Bitcoin and blockchain will want to keep an eye on what happens in Scotland over the next few years. Nothing has been set in stone just yet, but the country seems to be warming up to new technologies and forms of finance.

Source: Finextra

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