UK Treasury Committee opens inquiry into crypto industry
The Treasury Committee of the United Kingdom’s House of Commons has called on the public to submit evidence related to the role of crypto’s risks and opportunities.
In a Tuesday notice, the committee said it had opened an inquiry allowing people to write in about the role of crypto assets in the United Kingdom. The Treasury Committee said it would be exploring how the U.K. government, Financial Conduct Authority, or FCA, and Bank of England could balance regulation “to provide adequate protection for consumers and businesses without stifling innovation” as well how cryptocurrencies and distributed ledger technology could impact individuals, businesses, and financial institutions.
The British public has until Sept. 12 to submit evidence, which the committee may use in its report to parliament. Among the proffered questions included the opportunities and risks of a central bank digital currency from the Bank of England, what the U.K. government can learn from regulators and lawmakers addressing crypto in other countries, and the “environmental and resource intensity of using crypto-asset technology.”
“What impact could the use of crypto-assets have on social inclusion?” asked the committee. “Are the government and regulators suitably equipped to grasp the opportunities presented by crypto-assets, whilst at the same time mitigating against the risks? What opportunities and risks could the use of crypto-assets — including non-fungible tokens — pose for individuals, the economy, and the workings of both the public and private sectors?”
NEW INQUIRY We've launched an inquiry on 'The crypto-asset industry' We'll look at the potential risks and opportunities associated with the use of crypto-assets, among other things Learn more
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