A partner at a commercial law firm has taken to the streets of London to find out what members of the public make of blockchain technology.
The unusual move shows Ben Rosen, a partner at London outfit Quastels, asking people what they understand about blockchain and what their concerns are about other techy topics including the metaverse.
Rosen explains that the firm sought to “gain an honest and transparent sense of public perception” by speaking to Londoners about blockchain, highlighting the importance of being “in touch with people’s perception of this environment that is new, exciting but also full of risks”.
The video shows a range of different reactions. One interviewee boldly proclaims: “It [blockchain technology] will be the future.” Others, however, are less optimistic. Rosen asks a taxi driver whether he would accept cryptocurrency as payment, to which the cabby bluntly responds “no”.
What do people actually think of cryptocurrency and blockchain? 🪙⛓️
— Quastels LLP (@QuastelsLLP) October 26, 2022
Whilst one interviewee is shocked when Rosen informs him that he may have to pay capital gains tax if he is holding crypto assets for investments purposes, another member of the public explains: “The concern I have about the metaverse is maybe like not having nowhere to live digitally when the time comes around.”
Rosen, a lawyer specialising in tax, trust and succession planning matters and a former associate at Magic Circle law firm Linklaters, told Legal Cheek that this is “an indication of the increasing importance of this space to our lives”.
He commented: “Quastels embrace innovation and change, but we don’t wait for instructions. We are on the front foot anticipating our clients’ needs as the world around them evolves.”
“What started off as tax advice on cryptoassets, has developed into a wider interest and practice across our firm, where we advise individuals and companies on tax, regulatory and compliance issues within the crypto sector as well as brand protection,” he continued. What is clear to us, however, is that there is a real educational aspect to this.”