Blockchain News
of cryptocurrencies”. However, she pointed
out that these same people might not realize
that digital currencies are still not properly
regulated in the UK.
As part of their probe, regulators and
researchers will try to determine if digital
currencies will be able to eventually replace
fiat currencies as a medium of exchange.
They’ll also look at how potentially disruptive
the cryptosphere could be in terms of the
way the country’s public sector operates.
Additionally, the investigation will carefully
examine how regulatory authorities in other
jurisdictions have responded to their crypto-
market. This is meant to assist the British
government in learning how to deal more
effectively with their own crypto industry.
In order to conduct their crypto
investigation, UK’s lawmakers plan to
consult the experts in this field. During
their consultations, regulators will collect
written and verbal proof about information
related to cryptocurrencies. After analyzing
their findings, they’ll advise the British
government on the best course of action
when it comes to monitoring their nation’s
crypto-market.
Balanced Crypto-Regulations
Like authorities in other countries, UK’s
lawmakers want to make sure that they
adopt a balanced approach in regulating
cryptocurrencies.
Moreover,
British
politicians have indicated that they’d like
to ensure consumer safety in a manner
which will not impede the growth of the
nation’s crypto-market. Morgan explained,
while researching digital currencies, UK’s
parliament would like to determine “to what
extent they could disrupt the economy and
replace traditional means of payment”.
Notably, these developments have come
during a time when other European
regulators, namely
France and Germany,
have grown quite concerned about the rise
of various crypto-related scams and hacks
of crypto-exchanges. During the G20
Summit, which will be held in Argentina this
year, world leaders are expected to discuss
“the policy and monetary implications of
cryptocurrencies”.
Crypto Industry
Clarity Of Thought
Requires
Alison McGovern, a British Labour
party politician and member of the Treasury
Select Committee, acknowledged that UK’s
economy could potentially benefit from the
crypto industry, as long as the associated
risks are mitigated. Therefore, she suggests
that the British government start thinking
“more clearly” about the emerging digital
currency market.
It seems that UK’s lawmakers are moving
in the right direction. Whenever a new
technology is introduced, there are always
people who will look to use it in a harmful
and unlawful manner. However, this doesn’t
mean that there’s something wrong with the
technology, in this case cryptocurrencies.
Moreover, like any new invention,
crypto-related technology should be used
responsibly.
Omar Faridi
[email protected]
Core Magazine
13