{"id":31999,"date":"2022-07-13T15:40:09","date_gmt":"2022-07-13T19:40:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31999"},"modified":"2022-07-13T15:40:49","modified_gmt":"2022-07-13T19:40:49","slug":"uk-treasury-committee-launches-investigation-into-cryptocurrency-sector","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/uk-treasury-committee-launches-investigation-into-cryptocurrency-sector\/","title":{"rendered":"UK Treasury Committee launches investigation into cryptocurrency sector"},"content":{"rendered":"\n
The public has until September 12 to provide evidence, which the Treasury committee may consider in its report to parliament on the risks and opportunities associated with cryptocurrencies and distributed ledger technologies.<\/h5>\n\n\n\n
\"UK
UK Treasury Committee launches investigation into cryptocurrency sector<\/figcaption><\/figure>\n\n\n\n

The Treasury Committee of the UK House of Commons has requested information from the general public regarding the risks and opportunities associated with cryptocurrencies.<\/p>\n\n\n\n

The committee said on Tuesday that it has started an inquiry into the function of digital assets in the United Kingdom and invited people to submit written comments. The Treasury Committee\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> announced that it would investigate the potential effects of cryptocurrencies and distributed ledger technology on people, businesses, and financial institutions, as well as how the UK government, Financial Conduct Authority, or FCA, and Bank of England could balance regulation “to provide adequate protection for consumers and businesses without stifling innovation.”<\/p>\n\n\n\n

Evidence can be submitted by the British public<\/a> until September 12 and used by the committee in its report to parliament. The opportunities and risks of a central bank digital currency from the Bank of England, what the U.K. government can learn from lawmakers and regulators handling cryptocurrencies in other nations, and the “environmental and resource intensity of using crypto-asset technology” were a few of the questions raised.<\/p>\n\n\n\n

\u201cWhat impact could the use of crypto-assets have on social inclusion?\u201d asked the committee. \u201cAre the government and regulators suitably equipped to grasp the opportunities presented by crypto-assets, whilst at the same time mitigating against the risks? What opportunities and risks could the use of crypto-assets \u2014 including non-fungible tokens \u2014 pose for individuals, the economy, and the workings of both the public and private sectors?\u201d<\/p><\/blockquote>\n\n\n\n

\n

\ud83d\udea8 NEW INQUIRY \ud83d\udea8

\ud83e\ude99 We've launched an inquiry on 'The crypto-asset industry'

\ud83d\udd0e We'll look at the potential risks and opportunities associated with the use of crypto-assets, among other things

\ud83d\udcd6 Learn more and submit written evidence here \ud83d\udc47https:\/\/t.co\/kBwNc6346I<\/use><\/svg><\/span><\/a> pic.twitter.com\/IidIqSWHuj<\/use><\/svg><\/span><\/a><\/p>— Treasury Committee (@CommonsTreasury) July 13, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

The investigation came after the government on July 5 asked for input from the public on taxation connected to decentralized financing through cryptocurrency loans and staking. On Tuesday, Jon Cunliffe, the Bank of England's<\/a> deputy governor for financial stability, urged authorities to “get on with the task” of integrating cryptocurrencies and blockchain technology into current frameworks.<\/p>\n\n\n\n

The leadership of financial lawmakers and regulators in the UK has been rattled by a controversy involving the soon-to-be-former Prime Minister Boris Johnson. As a result of their resignations in opposition to the prime minister's policies, the Chancellor of the Exchequer Rishi Sunak and the Economic Secretary John Glen were later succeeded by Nadhim Zahawi and Richard Fuller, respectively. Ashley Alder, the CEO of the Hong Kong Securities and Futures Commission, <\/a>will take over as FCA chair beginning in January 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

The public has until September 12 to provide evidence, which the Treasury committee may consider in its report to parliament on the risks and opportunities associated with cryptocurrencies and distributed ledger technologies. The Treasury Committee of the UK House of Commons has requested information from the general public regarding the risks and opportunities associated with […]<\/p>\n","protected":false},"author":38,"featured_media":32003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10942],"class_list":["post-31999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-uk-treasury-committee"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/07\/bitcoin.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31999"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/32003"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}