Cryptocurrency Risks and Benefits Under Scrutiny As UK Launches Task Force

The Britain government is going to make public a task force that will deeply examine both cryptocurrency risks and benefits.

The Treasury, U.K.’s finance department, made an announcement on Thursday that the task force includes the following organizations for the task force.

• Britain’s central bank
• The Bank of England
• The Financial Conduct Authority

The task force strategy has been laid out by Westminster. It’s a part of Fintech. To move ahead with this initiative on concrete basis, the U.K. will sign an agreement namely“fintech bridge” with Australia on Thursday. The agreement

• Will enable British Fintech firms to sell products and services in Australia.
• Look to build cooperation on policies and regulation surrounding the sector.

U.K. Finance Minister Philip Hammond said in a statement,

“I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the U.K. remains at the cutting edge of the digital revolution. As part of that, a new task force will help the U.K. to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology.”

Cryptocurrencies remain a disputable issue for governments due to their decentralized nature and fluctuation in prices, thus cryptocurrency risk should be taken into account as soon as possible.

Bank of England Governor Mark Carney called for more regulation on the sector this month, and labeled price volatility within the space “speculative mania.” The central bank’s chief said last month that bitcoin has “pretty much failed” as a form of money.

Financial Conduct Authority Chief Executive, Andrew Bailey feels people who have invested in bitcoins and other cryptocurrencies so far have made themselves the target of cryptocurrency risks and should be ready to lose their money anytime now, owing to the volatility in their value.

Also Read: G20 To Take Baby Steps To Regulate Cryptocurrencies

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