The UK to Launch a Task Force for Examining Cryptocurrency Risks and Advantages

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To Examine Cryptocurrency Risks and Advantages, the UK is Launching a Task Force

Britain has introduced a task force which would review both the risks and advantages associated with cryptocurrencies.

The U.K.’s finance department, the Treasury, declared Thursday that the task force is including the Bank of England, Britain’s central bank, and the Financial Conduct Authority watchdog.

The task force is part of a comprehensive Fintech, or financial technology, strategy planned by Westminster. As part of its drive, the U.K. will be signing an agreement dubbed a “Fintech bridge” with Australia on Thursday which would allow British Fintech firms to sell products and services in Australia. The deal will also looking forward to building cooperation on policies and regulation circling the sector.

U.K. Finance Minister Philip Hammond said:

“I am dedicated to helping the sector improve and flourish, and our ambitious sector strategy sets out how we will guarantee the U.K. remains at the cutting edge of the digital revolution. As part of that, a new task force will encourage the U.K. to handle the risks around crypto assets, as well as providing the potential benefits of the underlying technology.”

The Treasury also revealed that both Both Britain and Australia’s Fintech industry groups, Innovate Finance and Fintech Australia will be gathering together in regular summits which are set to advertise the governments of both countries.

Charlotte Croswell, the chief executive of Innovate Finance, said that the so-called Fintech bridge proposed an “excellent opportunity” for the two nations for sharing industry knowledge.

The U.K. government also set its goals for creating financial industry-wide standards which could make it more easier for Fintech companies to partner with banks.

Recently, Snowden’s document revealed that NSA worked to “Track down” Bitcoin users.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.