The UK Government Will not Regulate Cryptocurrencies

A recent report on the cryptocurrency industry of UK showed that the UK government has not yet formally assessed the potential consequences of many cryptocurrency changes. However, the government is now and will continue to closely follow all developments related to cryptocurrencies alike litecoinand neo coin, and has also established a working group on crypto assets to consider the various potential benefits and risks of crypto assets and blockchain technology, as well as to assess the regulations for new cryptocurrencies.

As cryptocurrencies continue to expand and conquer the financial world, governments in many countries are also questioning the impact of this new technology. Britain is no exception. The question of what consequences of digital currency will bring to economic sectors remains controversial.

However, in the past few weeks, the price of many cryptocurrencies has fluctuated widely, caused by bitcoin currency. Therefore, Warwick’s Lord Taylor asked the government to evaluate the situation of cryptocurrency in UK. According to the report, Lord Taylor wondered what impact the events may have on the UK’s blockchain industry.

However, the answer provided by Lord Bates, Minister of State for International Development, was not complete. According to Lord Bates, the government has not yet conducted any assessment of the impact of value fluctuations on the UK. Even so, Lord Bates still guaranteed that the government was continue to follow all developments related to cryptocurrencies closely.

Lord Bates also took the opportunity to remind everyone that the Crypto Assets Working Group was launched in March. The team consists of staffs from the Bank of England, the UK Treasury and the Financial Conduct Authority, with the goal of considering the potential benefits and risks of crypto assets and blockchain technology. In addition, they were responsible for assessing the regulatory requirements to respond to new cryptocurrency related situations. Therefore, they will release a new report sometime in the fall.

In addition, a few days ago, British Finance Minister John Glen said that the founders of the UK Chancellor of the Treasury did not formally discuss the new cryptocurrency issued by the Bank of England. He also said that the Bank of England has no official plan to develop a new bank-backed cryptocurrency. Even so, the World Bank has researched the topic and the actual impact when launching it .

Glen answered a similar question in March of this year. At that meeting, he stated that the British government did not plan to recognize the cryptocurrency as legal tender. In addition, the government has no plans to use it as an official financial instrument.

Despite this, the UK still recognizes that cryptocurrencies such as bitcoin cash, are rapidly evolving. Therefore, the UK Finance Committee decided to start a new investigation of this technology in February this year, with the goal of exploring the potential role of cryptocurrency in the UK, including the potential risks and opportunities of businesses, consumers and the government itself, as well as the distribution. The potential impact of the book-based technology (DTL). Blockchain technology has begun to change the world, and the UK government wants to understand its potential.

So far, there are no official regulations on cryptocurrency in the UK, and in addition to certain products related to it. The UK, however, does not seem to care much about it.