Inquiry into digital currencies launches
Fazil Kazmy CeMAP. CII ER1
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The Treasury committee has launched a new inquiry into digital currencies and distributed ledger technology.
The inquiry will look at the role of digital currencies in the UK as well as discussing the opportunities and risks that they may bring to consumers, businesses and the government.
It will explore the potential impact of distributed ledger technology, such as blockchain, on financial institutions, including the central bank and financial infrastructure.
The regulatory response to digital currencies from the government, the FCA and the Bank of England will also be examined as the inquiry discusses how regulation could be balanced to provide adequate protection for consumers and businesses without hindering innovation.
Nicky Morgan MP, chair of the Treasury committee, felt that people were becoming increasingly aware of cryptocurrencies, such as bitcoin, but may not be aware that they are currently unregulated in the UK and that there is no protection for individual investors.