The United Kingdom launched an official working group on the crypto-currencies

The United Kingdom calls for the establishment of a regulatory framework for crypto-currencies at the international level, but it is difficult to find an agreement for the time being. Also, in the meantime, the government is tackling this sensitive issue and is launching a new working group on the subject.

A working group on the digital assets

The chancellor british Philip Hammond is expected to announce tomorrow, Wednesday, march 28, the creation of a working group on the crypto-assets. In fact, according to the declaration of the bureau of the Treasury, this group will incorporate multiple high financial institutions of the country, like in particular the Bank of England, the british Treasury, of course, and the Financial Conduct Authority.

Pixabay – Kalhh / The United Kingdom expressed its concern regarding crypto-currencies in recent weeks.

This working group will floor about the dangers but also the benefits of crypto-currencies for the country and for the people. The members of the group will be required to submit a detailed report on any proposed regulations in this area. But that’s not all !

Several other initiatives

Philip Hammond is also expected to announce other measures, relating to crypto-currencies and, more broadly, the sector of fintech. The chancellor british should as well talk to the robot-control that would be : “pilot projects to help new businesses in fintech, and more broadly the financial services industry, to comply with the regulation by building software that would allow them to automatically follow the rules. Thus enabling them to save time and money. “

Tweets by PhilipHammondUK

The british government is distrustful of crypto-currencies, but he shows himself favourable to the adoption of the BlockChain. The digital assets required by the policy-makers to be regulated at the international level. This working group should provide some answers, and especially to propose a regulatory framework tailored to these virtual currencies.

Source : Business Insider