UK Government declared new Crypto Research Effort

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An effort for New Cryptocurrency Research to be spent by the UK Government

John Glen, Britain’s junior finance minister, declared on Monday that the government would be introducing new research which is directed at exploring the potential risks posed by cryptocurrencies like bitcoin.

According to a report, the minister said:

“In our upcoming Fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail. The UK is the best place in the world for Fintech and my mandate is to ensure it remains such.”

While talking at the Innovate Finance conference in London, Glen especially mentioned the concerns about the effects arising from the “explosive growth” of cryptocurrencies. Meanwhile, he also told that he aims to safeguard London’s position as a leading global hub for Fintech experimentation and blockchain technologies.

Glen included that 2017 was a record-breaking year for the U.K.’s Fintech sector, through attracting investments worth £1.3 billion (roughly $1.8 billion). More than half of those funds seem to become from abroad, a clear urge for British regulators to continue welcoming blockchain projects.

Beyond the private sector, the Bank of England (BoE) is possibly one of the world’s most bullish central banks when it comes towards cryptocurrency.

The central bank’s chief, Mark Carney, told in December 2017 that bitcoin’s price moves don’t appear to threaten global economic stability.

Suzat Fernandes

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