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Cryptocurrency Task Force Set by UK Government

The British federal government has announced an idea to determine a cryptocurrency ‘task force’ that includes Her Majesty’s Treasury, The Bank of England and the Financial Conduit Authority.

As part of the united kingdom government’s broader Fintech Sector Strategy, UK Chancellor of the Exchequer Philip Hammond is likely to add a raft of FinTech initiatives including a fresh task force focused around studying the potential risks and benefits associated with cryptocurrencies, at the government’s second International FinTech Meeting.

An excerpt from the government’s announcement in to the task force uncovers the Fintech Sector Technique to establish:

“A Cryptoassets Task Force comprising HM Treasury, the central Bank of England and the Financial Conduit Authority. This can help the united kingdom to be at the forefront of harnessing the benefits associated with the root technology while guarding against potential hazards.”

Hammond insists the duty force can help pin the united kingdom as a respected fintech hub, adding it can help “the sector grow and flourish”.

Other noteworthy initiatives likely to be released include improving “robo-regulation” to permit new Fintech startups and organizations to successfully follow traditionally complicated regulations. The undertaking will dsicover pilot techniques help the financial services industry to “adhere to regulations because they build software which would automatically ensure they follow the guidelines, saving them money and time,” the federal government said.

The affirmation also underlined a fresh Australia-UK ‘Fintech bridge’ to improve industry ties between the two, a move that would permit UK-based fintech businesses to increase into Australia.

For years, the united kingdom government has been broadly supportive of blockchain technology and cryptocurrencies despite increasing demands rules for the second option.

Speaking on the sidelines of the World Economic Discussion board in January, UK Perfect Minister Theresa May place the limelight on the misuse of cryptocurrencies, specifically talking about bitcoin. “We should be looking at these very serious, specifically due to way they could be used, specifically by thieves,” she mentioned, even as the united kingdom Treasury announced programs to bring cryptocurrency deals under existing anti-money laundering and counter-terrorism funding legislation.

Precisely a month ago, the united kingdom Treasury Select Committee opened up an inquiry into cryptocurrencies with one member summing it up as an educational crash course for politicians and lawmakers “to comprehend cryptocurrency better.” Before this week, users of the forthcoming task force also have launched a report researching cryptocurrencies, Britain’s junior financing minister John Glen unveiled.