The British Parliament begins to explore the benefits and risks of cryptocurrency

The British Parliament begins to explore the benefits and risks of cryptocurrency

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The UK Treasury Committee will explore the potential benefits and risks of cryptocurrency in order to better understand how to regulate this new technology, Bloomberg writes.

The relevant issue will be submitted to parliamentarians on Thursday, February 22.

“People are hearing more and more about cryptocurrencies like bitcoin, but they probably do not know that at the moment they are not regulated in the UK. Therefore, it is extremely important to find the right balance between the regulation of digital currencies and the adequate protection of consumers and business, without interfering with the development of innovation,” said the head of the committee, Nicky Morgan.

In addition, lawmakers are going to study how the underlying bitcoin blockchain technology can affect the work of financial institutions, including the Bank of England.

Parliamentary cryptocurrency study in the UK begins against the backdrop of recent statements by the Bank of England Governor Mark Carney, according to which “bitcoin as a method of payment did not take place.”

Earlier in February in the UK, it was announced the creation of a self-regulatory organization in the field of cryptocurrency. It included companies such as BlockEx, CEX.IO, Coinbase, CoinShares, CommerceBlock, CryptoCompare and eToro.

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