On the 15th anniversary of the release of the Bitcoin white paper, Canadian Member of Parliament (MP) Joël Lightbound took the opportunity to thank the pseudo-anonymous creator of Bitcoin (BTC), Satoshi Nakamoto, in the Canadian parliament while advocating for people to study the leading cryptocurrency.
During his speech on the parliament floor, Lightbound disclosed that he owns Bitcoin himself but won’t advocate for people to buy it. Instead, he wants people to study and understand it. He added that Bitcoin was created at a time of financial crisis, and over the years, it has become a tool to empower the underbanked and those living in oppressive regimes.
“Bitcoin has helped thousands of families avoid the tragedy of currency debasement. It stands for the truly progressive ideal. So today, let me thank Satoshi Nakamoto, whoever that may be and wish a happy 15th anniversary to the Bitcoin white paper.”
During his speech, the MP cited two key quotes, one from the former Twitter CEO and bigtime Bitcoin advocate Jack Dorsey and another from the United States Securities and Exchange Commission (SEC) chair Gary Gensler, which came as a surprise to many given Gensler’s hostile crypto approach since becoming SEC chief. However, the quote cited by the MP is from 2019, when Gensler was not the SEC chair.
Canadian MP @JoelLightbound thanks Satoshi and advocates for people to “study #Bitcoin” on the floor of the Canadian parliament yesterday.
Drawing on compelling quotes by @Jack and @GaryGensler, he outlines the power of #Bitcoin to empower people everywhere.
In an opinion piece in 2019, Gensler wrote that although there are thousands of projects in the crypto ecosystem, the one created by Satoshi Nakamoto has the potential to spur change “either directly or indirectly as a catalyst.“ He added, “The potential to lower verification and networking costs is worth pursuing, particularly to lower economic rents and data privacy costs and promote economic inclusion.“
Gensler also tweeted on the 15th anniversary of the Bitcoin white paper, commemorating the event. However, he included a compliance message suggesting any “crypto companies that are tricking investors should start treating them to compliance with the securities laws.”
Before his stint as SEC chief, the crypto community was quite optimistic about Gensler’s appointment, given his crypto teaching background. However, his stint as SEC chair has been rife with controversies and disappointment for the crypto community.
According to the US Department of Justice, Wolf Capital’s co-founder has pleaded guilty to wire fraud conspiracy for luring 2,800 crypto investors into a Ponzi scheme.
Making Britain better off will be “at the forefront of the chancellor’s mind” during her visit to China, the Treasury has said amid controversy over the trip.
Rachel Reeves flew out on Friday after ignoring calls from opposition parties to cancel the long-planned venture because of market turmoil at home.
The past week has seen a drop in the pound and an increase in government borrowing costs, which has fuelled speculation of more spending cuts or tax rises.
The Tories have accused the chancellor of having “fled to China” rather than explain how she will fix the UK’s flatlining economy, while the Liberal Democrats say she should stay in Britain and announce a “plan B” to address market volatility.
However, Ms Reeves has rejected calls to cancel the visit, writing in The Times on Friday night that choosing not to engage with China is “no choice at all”.
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On Friday, Culture Secretary Lisa Nandy defended the trip, telling Sky News that the climbing cost of government borrowing was a “global trend” that had affected many countries, “most notably the United States”.
“We are still on track to be the fastest growing economy, according to the OECD [Organisation for Economic Co-operation and Development] in Europe,” she told Anna Jones on Sky News Breakfast.
“China is the second-largest economy, and what China does has the biggest impact on people from Stockton to Sunderland, right across the UK, and it’s absolutely essential that we have a relationship with them.”
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10:32
Nandy defends Reeves’ trip to China
However, former prime minister Boris Johnson said Ms Reeves had “been rumbled” and said she should “make her way to HR and collect her P45 – or stay in China”.
While in the country’s capital, Ms Reeves will also visit British bike brand Brompton’s flagship store, which relies heavily on exports to China, before heading to Shanghai for talks with representatives across British and Chinese businesses.
It is the first UK-China Economic and Financial Dialogue (EFD) since 2019, building on the Labour government’s plan for a “pragmatic” policy with the world’s second-largest economy.
Sir Keir Starmer was the first British prime minister to meet with China’s President Xi Jinping in six years at the G20 summit in Brazil last autumn.
Relations between the UK and China have become strained over the last decade as the Conservative government spoke out against human rights abuses and concerns grew over national security risks.
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How much do we trade with China?
Navigating this has proved tricky given China is the UK’s fourth largest single trading partner, with a trade relationship worth almost £113bn and exports to China supporting over 455,000 jobs in the UK in 2020, according to the government.
During the Tories’ 14 years in office, the approach varied dramatically from the “golden era” under David Cameron to hawkish aggression under Liz Truss, while Rishi Sunak vowed to be “robust” but resisted pressure from his own party to brand China a threat.
The Treasury said a stable relationship with China would support economic growth and that “making working people across Britain secure and better off is at the forefront of the chancellor’s mind”.
Ahead of her visit, Ms Reeves said: “By finding common ground on trade and investment, while being candid about our differences and upholding national security as the first duty of this government, we can build a long-term economic relationship with China that works in the national interest.”