UK Shadow Minister Outlines Bitcoin’s Potential for Disruption

Bitcoin has the potential to reduce consumers’ reliance on giant banks and other entrenched financial institutions, according to Chi Onwurah, the UK’s shadow cabinet minister for digital government.
Onwurah is leading a sweeping review of how technology is used by UK public services for the opposition party, Labour. The review includes examining institutions dealing with financial services, she said.
Speaking exclusively to CoinDesk, Onwurah said:
“It’s about dispersing power away from the classic, traditional financial institutions … the public has lost trust in them, for some very good reasons. I think bitcoin and digital currencies are really an opportunity for currency to … be back in the hands of those who use it.”
As the UK heads toward a general election in May, Labour leads the incumbent Conservative party in opinion polls, which has been the case for much of the last two and a half years. Onwurah is likely to be appointed to the cabinet if Labour forms the new government.

This post was published at Coin Desk on November 20, 2014.