- “Explore the impact of cryptoassets”
- “Understand the benefits and challenges of blockchain technology”
- “Assessing what, if any, regulation is required in response”According to CCN, Andrew Bailey has also added:
“Cryptoassets have been an area of increasing interest for markets and regulators globally including the 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.”Moreover, according to CCN, Dave Ramsden added:
“This taskforce will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets.”You 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 team’s research soon enough.