What the now Prime Minister was talking about was encouraging the mathematics, the algorithms and the technology to develop in this country to create the kind of industry and the kind of infrastructure that would allow the technological use of algorithms for the transfer, sometimes of wealth, sometimes of knowledge, sometimes of contractual obligations. That is what blockchain fundamentally is.
On top of the blockchain, there are various forms of currency. There are bitcoins, which are proof of work, and then there is ethereum, which is proof of stake. These are different kinds of technologies and different ways in which cryptoassets use the blockchains and the technology that has underwritten them.
Having regulation for the currency is not the same as having regulation for the underlying mathematics.
This statement reflects a positive and nuanced stance toward blockchain and cryptoassets. It distinguishes between blockchain as foundational infrastructure and cryptocurrencies as applications built on top, while emphasising the importance of supporting domestic development of the underlying technology (e.g., algorithms and smart contracts). It also suggests that regulating cryptoassets should not stifle innovation in the underlying tech.