UK authorities consider cryptocurrency ban

UK authorities are studying the impact of cryptocurrencies. Credits: etoday.kz

The authorities said that they could take measures to compensate the risks posed by cryptocurrencies.

UK.- The HM Treasury, the Financial Conduct Authority (FCA) and the Bank of England (BoE) released a 58-page report in which they detail that crypto assets pose a range of risks, particularly to consumers, therefore they recommended “strong action” to address them.

The Cryptoassets Taskforce was launched by Chancellor Philip Hammond back in March, and it monitored the growth of the crypto industry over the past seven months. The 58-page report considers the impact that blockchain and cryptocurrencies like Bitcoin have on finance and other industries, such as the gambling industry, and it has recommended that a consultation takes place in the first quarter of 2019 in order to explore how the market can be regulated effectively.

While the report said that cryptoassets don’t pose a risk to traditional financial stability at present, that could change in the future, and that exchange tokens “present new challenges to traditional forms of financial regulation.”

“The report commits the authorities to take forward actions that will: maintain the UK’s international reputation as a safe and transparent place to do business in financial services; ensure high regulatory standards in financial markets; protect consumers; guard against threats to financial stability that could emerge in the future and allow those innovators in the financial sector that play by the rules to thrive.”

Did you like this article?