Government to consult on Bitcoin risks

Written by Sam Trendall on 19 June 2019 in News
News

After last year’s taskforce report, a full consultation will open shortly

Credit: Pixabay

The government is to launch a consultation on the risks posed by Bitcoin and other forms of cryptoassets.

Last year the government established a cryptoassets taskforce, comprised of representatives of the Treasury, Financial Conduct Authority and the Bank of England. Its remit was “to explore the risks and potential benefits of cryptoassets and the underlying distributed ledger technology (DLT)”, according to economic secretary to the Treasury John Glen.

The unit ultimately found that, for the time being, the risks are a more pressing concern than the potential benefits, Glen has now said.


Related content


Answering a written parliamentary question from fellow Conservative MP Adam Afriyie, Glen said: “The taskforce’s final report concluded that benefits associated with the use of cryptoassets may arise in the future, but that the most immediate priorities for the authorities are to mitigate the risks posed by cryptoassets to consumers and markets, and to prevent the use of cryptoassets for illicit activity.”

In light of this conclusion, sometime this year the government will undertake a full public consultation. The process, according to Glen, will focus on how authorities can best ensure cryptocurrencies and the wider DLT sector do not negatively impact financial markets.

“The government will consult on its approach to cryptoassets this year,” he said. “In addition, the authorities continue to encourage the responsible development of legitimate DLT and cryptoasset-related activity in the UK.”

About the author

Sam Trendall is editor of PublicTechnology

Share this page

Tags

Categories

CONTRIBUTIONS FROM READERS

Please login to post a comment or register for a free account.

Related Articles

Huawei and 5G – the five big questions
23 May 2019

A month on from the revelations about the Chinese vendor’s potential involvement in the UK’s 5G network, PublicTechnology examines the key issues

Related Sponsored Articles

Collaboration is key to protecting digital society
9 July 2019

The managing director of BT Security explains how partnerships are essential for a safer connected world

WATCH: The importance of managed services to intelligent connectivity
2 July 2019

If day-to-day IT operations are taking resources away from your organisation's strategic priorities, BT has some helpful advice

Lessons learned from business cases for SD-WAN
25 June 2019

BT has huge experience working with global multinationals on their business case for SD-WAN, and here they lay out a detailed understanding of the real benefits and challenges