The UK Treasury announced a study of cryptocurrencies and the blockchain. The project was initiated by the Committee of Ministry and explores a few sides of the industry, including the role of the cryptocurrency in the UK and the potential «opportunities and risks» for buyers, the business community and the government.
The potential impact of the technology of the blockchain and distributed registries, financial institutions and infrastructure will also be considered by the Ministry. In addition, the authorities try to figure out how to establish a regulatory balance between protecting consumers and businesses without stifling innovation. In particular, the study will be «carefully studied the responses of the» government, financial supervision authority and the Bank of England on the issue of cryptocurrencies.
Member of Parliament Nicky Morgan (Nicky Morgan), Chairman of the Committee of the Ministry of Finance, said the Committee will consider potential risks that may present crypto-currencies, including price volatility, money laundering and cybercrime. Morgan added:
«We will also consider the potential benefits of cryptocurrencies and the technology behind them, how they can create innovative opportunities and to what extent they can influence the economy and to replace traditional payment methods.»
Time to conduct the study «very successful», according to a member of the Committee Alison McGovern (Alison McGovern). «New technologies offer the economy the potential benefits, but they can also introduce significant risks,» she said.
According to her, it’s time to make government «more carefully thought through» its policy towards technology.