Coalition for a Digital Economy publishes manifesto, wants regulation for Bitcoin

The Coalition for a Digital Economy (COADEC) today published its manifesto, a thorough 52-page document detailing how the government should support digital startups.

The coalition says it is composed of over 150 technology startups in the UK, their primary hub of activity being the "Silicon Roundabout"- a region in east London aspiring for the same degree of technological advancement as its Silicon Valley counterpart in the US.

Dubbing itself "the policy voice of startups", it seeks to campaign to government for the benefit of digital startups in the UK. It says the UK's digital economy is the fastest growing in the G20 and already makes up 8% of GDP.

Demands include: access to financing, access to talent, more advanced digital infrastructure, permissionless innovation and greater educational opportunities.

There is both explicit mention of Bitcoin as well as mention of its underlying concepts shared with disruptive technologies in general. Without stating Bitcoin or virtual currency, one of the demands is to "make it government policy to support disruptive innovation and create an environment where people and businesses can adapt."

In the manifesto, Bitcoin appears to be advocated, as one would expect from any organization of this flavor. Interestingly, there is more emphasis on the regulatory side:

"This should include looking at the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term such as Bitcoin. HMRC should take the lead in being one of the first tax authorities to establish a framework relating to tax, VAT and other compliance requirements related to cryptocurrency."

While many have been advocating regulation for Bitcoin as a means to grant it more legitimacy and garner widespread recognition, passionate Bitcoiners have expressed discontent with the recent Bitlicense proposal. Seeing that regulation may just come to impose rules on Bitcoin, some have likely become disillusioned with the concept altogether. To be sure, the only other mention of Bitcoin, mentioned in a recent e-mail update, offers more of the same:

"Backing the UK’s lead in financial technology by creating a legal framework for Bitcoin, and digitising the identity checks required for Anti-Money Laundering procedures."

In terms of donations, it is appears that only PayPal is accepted right now.