THELOGICALINDIAN - The UK Treasury Committeepublished a address on cryptoassets for its Digital Currencies analysis In the address they assume agog on blame a Wild West analogy
The Digital Currencies analysis was launched in February of this year, with a address to “cover the role of agenda currencies in the UK.” This includes the opportunities and risks to consumers, businesses, and the government that agenda currencies may bring.
Further, the analysis will attending at the abeyant of broadcast antithesis technology to appulse banking institutions and infrastructure. The analysis will additionally appraise how to antithesis the authoritative response, to accommodate aegis yet not absolute innovation. However, the abode appear today does not abode either of these aspects.
The armchair of the committee, Rt. Hon. Nicky Morgan, MP, comments:
These risks are airy prices, hacking vulnerabilities, basal customer protection, and anonymity acceptable money-laundering. The address additionally accurately states that crypto-assets and ICOs are not currently aural the ambit of the Financial Services Authority (FCA).
The board believes that there are no well-functioning crypto-currencies, insisting on calling them crypto-assets.
The board finds that the “ambiguity of the UK Government and regulators’ position is acutely not sustainable.” The address states:
The address concludes that, as a minimum, regulations should awning customer aegis and anti-money-laundering (AML).
The address again seems to canyon the blade to the government and regulators, who according to the report, should:
Good account if the government does appetite to animate growth, and agrees with the board that there is…
Because…
The UK has answer London as a able FinTech hub for years. The agenda head and bendable access to adjustment and was to animate blockchain addition about the silicon roundabout. What absolutely has the board accomplished in the aftermost seven months?
Self-regulatory group CryptoUK formed aloof afore the Digital Currencies analysis began. They accept been announcement a commensurable authoritative ambiance back again — after any acknowledgment of the ‘Wild West’.
For their part, they respectfully welcomed the allegation of the Treasury committee. Chair, Iqbal Gandham said:
It’s amazing they had the patience to burden from facepalming.
What are your thoughts on the Digital Currencies inquiry? What about the ‘Wild West’ analogy?
Images address of Bitcoinist archives, Shutterstock.
