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UK Treasury creates new task force to assess the crypto market

23 March 2018 00:00, UTC   |    346
UK Treasury creates new task force to assess the crypto market

The United Kingdom Treasury, like its counterpart in the United States, is currently dealing with the issue of digital currency regulation. In order to develop a set of corresponding measures efficiently, the financial governmental body has decided to entrust the assessment of the market to the Bank of England (the local central bank) and the Financial Conduct Authority which will soon form a new joint task force. This team will also find the potential benefits for the state in this new field.

A similar task force initiative has already been launched by the United States authorities, although their task force is more focused on the dark side of digital currencies.

There are also reports that the Treasury is developing a new framework which will allow the United Kingdom and Australia to cooperate on fintech without bureaucratic obstacles. The next logical step would be to set similar ties with New Zealand, although at the press time no information regarding this has appeared.

UK Prime Minister Theresa May has already demonstrated commitment not to leave the issue of digital currency market monitoring behind, even though the country is busy dealing with the Brexit issue.



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