How Cryptocurrencies Can Mitigate Some of Brexit’s Negative Effects

Brexit, the European divorce saga that has been going on for years, has created a lot of headaches for politicians and ordinary people on both sides of the Channel. The process of Britain leaving the European Union is now heading towards another one of its deadlines while London and Brussels are trying to separate with an agreement. U.K. Prime Minister Boris Johnson vowed there will be an exit on October 31, deal or no deal. Brits and their Euro neighbors are bracing for another jolt in the continent’s economic and financial system. Cryptocurrencies, independent of centralized political decisions, can provide some stability and utility in these uncertain times in the fiat world.

Also read: Here’s How Europeans Can Deal With Negative Interest Rates

Britain’s Exit From United Europe

Britain’s relationship with Europe has never been straightforward or unambiguous. “Fog in Channel, Continent Cut Off” is a newspaper headline that was probably never printed but it very well describes the British attitude towards the mainland. And it’s not like Europeans haven’t given as good as they’ve gotten. United Kingdom’s entry into the European Economic Community was vetoed twice by France, in 1963 and 1967, with General De Gaulle citing the British hostility towards European construction, lack of interest in the common market as well as the economic differences that in his view made Britain incompatible with the rest of Europe.

How Cryptocurrencies Can Mitigate Some of Brexit's Negative Effects

However, at the time the majority of the British people and their political representatives wanted to join what has since become the European Union. They achieved that at the third attempt, years after De Gaulle’s resignation and death, with the U.K. becoming a member of the European Communities (EC) on Jan. 1, 1973 and confirming its full membership in 1975, in the nation’s first referendum. Back then, all major political parties, the mainstream media, and most importantly the majority of Britons supported…

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