Parliament’s Treasury Committee has launched a new inquiry into digital currencies and distributed ledger technology.
The inquiry will examine:
- the role of digital currencies in the UK, including the opportunities and risks that digital currencies may bring to consumers, businesses and the Government;
- the potential impact of distributed ledger technology – such as blockchain – on financial institutions, including the central bank, and financial infrastructure; and
- the regulatory response to digital currencies from the Government, the Financial Conduct Authority, and the Bank of England, and how regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation.
"People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors,” explained Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee.
“The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses, and Governments, including those relating to volatility, money laundering, and cyber-crime,” she said. “We will also examine the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment.”
“Striking the right balance between regulating digital currencies to provide adequate protection for consumers and businesses, whilst not stifling innovation, is crucial,” she added. “As part of the inquiry, we will explore how this can be achieved."
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Contains Parliamentary information licensed under the Open Parliament Licence v3.0.
