UK will establish a working group to manage the risks of cryptocurrency

It is expected that in the near future, Finance Minister of great Britain Philip Hammond (Philip Hammond) has officially announced the creation of a governmental «working group on digital assets», as well as several other initiatives.

According to the Ministry, Hammond will be announced at the second International FINTECH conference on the establishment of the working group, which will include the Bank of England and the financial Supervisory authority and representatives of the Ministry of Finance. This initiative «will help Britain to manage the risks associated with scriptactive and leveraging the potential advantages of their underlying technology,» said Hammond in a statement.

Hammond also plans to announce other measures industry Finance, including «the next steps in the field of «automatic control trade.» The statement said that this initiative will consist of «pilot schemes, which will help new FINTECH start-UPS, as well as the financial services industry comply with regulatory standards by creating software that will automatically ensure compliance with the law, saving time and money companies».

The government also intends to create «FINTECH-the bridge» between the UK and Australia, the purpose of which will be the merging of markets and «increased presence of British companies at the international level». In addition, the statement says that the plans to create standards that simplify FINTECH-companies partnership with banks.

UK is not just talking about the potential of the blockchain, however, the official maintained a relatively solid position regarding cryptocurrencies. In January at the world economic forum (WEF) in Davos, Prime Minister Theresa may (Theresa May) announced that its care
the use of cryptocurrency for criminal purposes. Under the same event, Hammond said that the need to regulate cryptocurrency. Mark Carney (Mark Carney), the President of the Bank of England also said
in March of this year about the need to regulate the industry.

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