UK government continues to stall on assessment of cryptos

18 Sep, 2018
by David Robb
UK government continues to stall on assessment of cryptos

While many countries around the world are paying more and more attention to cryptocurrency and blockchain, the UK continues to drag its heels when it comes to new developments. A recent discussion in the UK Parliament revealed that the state is no closer to making any assessments or moves in the sector.

Lord Taylor of Warwick posed a direct question about the fluctuations in the crypto market, asking "Her Majesty’s Government what assessment they have made of reports that the value of crypto-currencies in the United States is falling, and of the potential effects that such a decline might have on the UK blockchain industry".

The response suggested that no serious decisions were being made as to what course of action is best to pursue with respect to cryptos, with the Minister of State at the Department for International Development admitting that the government "has not made a formal assessment of any potential implications".

The Chancellor of the Exchequer did launch a dedicated Cryptoassets Taskforce back in March, which is due to release a report sometime soon regarding the benefits and dangers of cryptocurrencies and blockchain technology in the finance sector. 

Read more: Bank of England slapped for lagging behind in crypto regulationsHead of UK's main financial authority suggests balance in regulating crypto

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