Inquiry into blockchain and cryptocurrencies is launched by UK Treasury



Today the British Treasury has uncovered its intention to carry out an inquiry into issues closely connected with blockchain technology and crypto assets.

Started by the Treasury Committee, the probe will take a bunch of angles. For instance, there will be  examining the role of crypto assets in the United Kingdom, including potential risks and opportunities for users, the government and the business community.

The potential influence of blockchain as well as distributed ledger technology on banks and infrastructure is thoroughly explored, as it’s the matter of how to make a regulatory balance between protecting users and enterprise without affecting innovation. What’s more – the probe is going to closely watch the regulatory response to crypto assets from the authorities, as the Bank of England and the Financial Conduct Authority.

Nicky Morgan, Member of Parliament, who appears to be the chief of the Treasury Committtee, told that the institution is geared up towards looking at the probable risks, which digital currencies could potentially roll out, including money laundering, price volatility and various cybercrimes.

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