Government’s NFT and stablecoin plans met with scepticism from tech experts, survey finds

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Energy consumption and impact on climate change ranked as the biggest concern IT experts had about the wider adoption of crypto; 23% selected this as top priority for government to consider before wider rollout of the technology.

This was closely followed by the prevalence of money laundering and ensuring the safety of crypto wallets and exchanges (both 15%), then regulation and educating the public (both 14%).

In comments supporting the poll, tech experts commonly said that encouraging speculation in cryptocurrency and NFTs was reminiscent of pyramid or Ponzi schemes, which should be avoided by the public and policy makers.

Tech professionals deeply sceptical

Dr Bill Mitchell OBE, Director of Policy at BCS, The Chartered Institute for IT said: “Technology professionals we polled were deeply sceptical as to whether the UK can and should become the sort of country that attracts investment in crypto products – even stablecoins pegged to a currency. They were especially wary of encouraging people to start using cryptocurrency without the education and regulatory framework to create trust and confidence.

“In particular, the coming launch of the Royal Mint’s NFT needs to avoid striking a bum note at a time of spiralling cost of living and industrial action.

“IT specialists are more optimistic about the potential of blockchain to be applied for social good, for example in areas where it might assure trust and transparency like healthcare records and ‘smart contracts’ that can give all parties confidence.

“In general, technologists would sooner work with government on areas like AI, cyber security and levelling up access to basic digital skills, which really do have the potential to transform lives, rather than crypto.”

About the survey

This report was generated on 28 June 2022. Overall, 1054 members of BCS, The Chartered Institute for IT completed the poll during the period 21–28 June 2022. The survey was conducted online.

Full survey results available on request.