Damn. UK banks really gives the cold shoulder to crypto-associated users and companies! Makes you wonder, does the government actually care about financial technology or is it just lip service?

As an economist, let me tell you, I don't trust the government's ability to balance regulations and innovation. Past has shown us that too much regulations can strangle innovation and stunt industry growth.

What's more, the government's idea for a "white list" of registered firms seems like a quick fix to a more serious issue. Why are banks constraining or prohibiting transactions with crypto firms in the first place? Are they genuinely concerned about financial crimes or just intimidated by the industry?

In the end, the government needs to take a more philosophical approach to regulating financial technology. They must ask themselves their ultimate objective and how they can achieve it without putting a damper on innovation. Otherwise, they risk being left behind by countries that are more embracing of the industry.