[2018-03-22] UK Government is launching a Cryptocurrency 'Task Force'

[Powerpuff]

U.K. Chancellor of the Exchequer Philip Hammond is expected to announce a government "crypto assets task force"  and a host of other fintech initiatives on Thursday.

According to a statement from the office of the Treasury, Hammond will reveal the task force, which will include the Bank of England and the Financial Conduct Authority in addition to the Treasury, at the government's second International Fintech Conference.

The initiative, part of the government's larger Fintech Sector Strategy, "will help the U.K. to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology," he said in the statement.

Hammond is also set to announce several other measures relating to the fintech sector more broadly, including "the next steps in 'robo-regulation.'"

The statement said that the latter would consist of "pilot schemes to help new fintech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money."

Likewise, the statement revealed the government's intention to create a U.K.-Australia "fintech bridge," which will aim to connect the countries' respective markets and to "help U.K. firms expand internationally."

Other notable features of the Fintech Sector Strategy include the creation of standards to make it easier for fintech firms to partner with banks.

The statement also indicates the government plans to collaborate with fintech companies to "create 'shared platforms' which will help remove the barriers that these firms face."

It did not provide further detail regarding the nature of these platforms.

The U.K. government has largely proved amenable to blockchain technology broadly, but it has shown less enthusiasm for cryptocurrency.

At January's World Economic Forum, Prime Minister Theresa May said she was concerned about potential criminal usage of crypto. At the same event, Hammond called for the regulation of cryptocurrencies.

Mark Carney, the governor of the Bank of England, made a similar appeal for regulation at the beginning of March during a speech at the Scottish Economics Conference.

https://www.coindesk.com/the-uk-government-is-launching-a-cryptocurrency-task-force/

[Mpamaegbu]

Yah! This is some great news. The G20 summit is beginning to yield fruits. Rather than continually warn their citizens to desist from cryptocurrency or ban it, the various governments should regulate it. This technology has come to stay and the earlier these ones understand it, the better for them. This was the same struggle that greeted the advent of Internet mobile telecommunications at the time the landline tech was in vogue. Just like the banks and the blockchain tech now. It's a war already won.

[Qartersa]

I think this is really a bold move for the UK government to undertake because it is like hitting two birds with one stone. They sure are finally decided to reap off benefits from crypto assets rather than just banning it outright. This is an instance whereby in weighing both assets and liabilities, the beneficial interests outweigh that of the latter. If I am not mistaken, this is the first time a government has been too clear with its intentions about cryptocurrencies which is a good way because definitely majority of jurisdictions are just awaiting what others have put on the table.