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UK Parliament Requests Calls for Evidence on Crypto Impacts

Godfrey Benjamin   Jul 14, 2022 02:45 2 Min Read


   

The Treasury Committee of the Parliament of the United Kingdom has put out a Call for Evidence as it embarks on a mission to investigate the future of cryptocurrencies and how they will impact the UK.

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The call for evidence put out by the Treasury Committee welcomes public opinion before September 12.

The UK, just like other governments around the world, has been looking closely into the potential capabilities of cryptocurrencies, as well as their potential negative impacts. In a bid to usher in a robust regulation to guide the emerging industry so as to protect consumers and not stiffen innovation, the Parliament considers insights from the public will be in its best interest.

“Treasury Committee will examine the potential risks and opportunities associated with the use of crypto-assets, their impact on social inclusivity, and the possible need for regulatory change in the future,” the committee says on its website. 

As announced, the inquiry will cover three core areas: “the role of crypto-assets in the UK, including the opportunities and risks that crypto-assets may bring to consumers, businesses, and the Government (and associated bodies)”; “The potential impact of distributed ledger technology on financial institutions, including the central bank, and financial infrastructure,” and; “The regulatory response to crypto-assets from the Government, the FCA and the Bank of England, considering how regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation.”

The UK has been lagging behind the European Union whose Parliament, Council, and Commission concluded its comprehensive crypto framework - MiCA - back in June. 

Governments are now realizing how inevitable the digital currency ecosystem is, a move that has spurred the United States Treasury Department to send a crypto framework to President Joe Biden detailing its scheduled approach to embracing digital assets and their underlying technologies.


Image source: Shutterstock

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