UK committee seeks to answer questions about cryptocurrencies

The UK Treasury Committee is inquiring into the role of digital currencies, or cryptocurrencies, following the explosion of interest and investments in them. The inquiry will examine the risks and opportunities in digital currencies for businesses and individuals, as well as the underlying technology, blockchain. 

At the inquiry’s launch, committee chair Nicky Morgan said: “People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors.”

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The deadline for written submissions is Monday April 30. Key questions already established include:

  • Are digital currencies ultimately capable of replacing traditional means of payment?
  • To what extent could digital currencies disrupt the economy and the workings of the public sector?
  • How is distributed ledger technology being applied in the financial services sector, and how might it be applied in future?
  • What work has the government (and its associated bodies) done to understand, prepare for and, where relevant, encourage changes that may be brought about by increased adoption of digital currencies?
  • How might the government’s processes adapt should digital currencies be adopted more widely (e.g. tax implications, anti-money laundering measures)?
  • How are governments and regulators in other countries approaching digital currencies and what lessons can the UK learn from overseas?

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See also WikiTribune’s other reporting on cryptocurrencies

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