Home / Blockchain / The British government addresses the questions about the impact of the market for encrypted bears on the Blockchain industry in the United Kingdom

The British government addresses the questions about the impact of the market for encrypted bears on the Blockchain industry in the United Kingdom

The United Kingdom Government has asked itself whether it is actively monitoring the impact of the global crisis in the encrypted market on the national blockchain industry, as reported by Finance Feeds on 18 September.

Lord Taylor of Warwick would have asked "Her Majesty & # 39; s Government what assessment they have made of reports that the value of cryptocurrencies in the United States is declining, and of the potential effects that this decline could have on the industry of British blockchain. "

Lord Bates, the Minister of State at the Department for International Development, said, responded by saying that while the government" monitors developments "in the crypto markets, it did not" make a formal assessment of the potentials " implications of recent changes in the value of cryptocurrencies ". [19659002] As part of his response, Lord Bates is said to have drawn attention to the activities of the Cryptoassets Taskforce, which was launched in March by the Chancellor of the Exchequer.

The Taskforce includes HM Treasury, the Bank of England and the Financial Conduct Authority (FCA), and is responsible for assessing the benefits and risks of the crypt as well as the use of blockchain in financial services. The group is also considering which regulation, if any, would be appropriate for the space and is expected to publish an outgoing report outlining its recommendations in the fall.

Finance Feeds also notes that John Glen, HM Treasury's economy minister, said recently that while the Bank of England is not conducting formal discussions with the Chancellor on the issue of a currency digital supported by the state, is still conducting research to understand the potential implications of this move.

Glen also this spring reportedly emphasized that the British government "currently does not intend to recognize digital currencies as currency in progress [n] or to propose them as financial instruments".

Earlier this summer, the FCA issued guidance to banks on how to manage the risks their customers may face when it comes to cryptographic resources, advocating a highly personalized approach, adapted to differences in one spectrum of commercial activities lationships. The United Kingdom, as noted by Finance Feeds, does not generally regulate cryptography, except for certain derivatives such as Cryptography-based Contract For Differences (CFD).

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