At the moment, UK authorities including the Government and the Bank of England are working together as a part of a cryptocurrency taskforce which has been established to provide further research into cryptocurrencies and blockchain technology in the UK, with the eye to establish new regulations. As it stands, many do expect the UK Government to eventually take a liberal stance on cryptocurrencies and join the ranks of countries like Japan, who are fostering a very healthy cryptocurrency industry within their country. This comes after many figureheads from the Government and the taskforce have spoken out about the benefits of cryptocurrencies. According to CCN, in a meeting on Monday, the taskforce, which includes Katharine Braddick, the Director General of Financial Services at HM Treasury, Dave Ramsden the Bank of England Deputy Governor and Andrew Bailey, Chief of the Financial Conduct Authority, set out three key objectives:
- âExplore the impact of cryptoassetsâ
- âUnderstand the benefits and challenges of blockchain technologyâ
- âAssessing what, if any, regulation is required in responseâAccording to CCN, Andrew Bailey has also added:
âCryptoassets have been an area of increasing interest for markets and regulators globally including theÂ FCA. We look forward to working with our counterparts at the Bank of England and the Treasury as part of the taskforce to develop thinking and policy on cryptoassets.âMoreover, according to CCN, Dave Ramsden added:
âThis taskforce will enable us to work closely with the Treasury and theÂ FCAÂ to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets.âYou can see the full report by CCN yourself, here- https://www.ccn.com/the-uks-cryptoassets-taskforce-agrees-on-key-objectives-in-first-meeting/ This marks some positive news for cryptocurrencies in the UK. Realistically, this highlights the vision that the UK cryptocurrency task force seem to have in that this is purely a research project, for now. By comparing the benefits and challenges of blockchain technology, the taskforce should be equipped with the knowledge they need to make educated judgements with regards to what sort of regulations they should establish, if indeed any regulation is required. With the UK promising to really relish in cryptocurrencies and as a part of the blockchain revolution, these meetings and these objectives should set the UK Cryptocurrency Taskforce on a trajectory towards a bright future. Hopefully, now the ball is rolling, we will have more information regarding the teamâs research soon enough.