The Cryptoasset Task Force of Britain is set to determine whether to regulate the entire cryptocurrency and blockchain industry. This came to light on Monday at the first meeting of the recent government instituted entity.
The Task Force with membership constituted of the Financial Conduct Authority, Her Majesty’s Treasury as well as the Bank of England agreed on some fundamental goals at their maiden meeting.
As part of its comprehensive ‘FinTech Sector Strategy', the UK government instituted the Task Force in March to examine and do a better job of understanding the risks, benefits and the usefulness of Blockchain Technologies.
In attendance at the meeting were high profile government and Central Bank officials like Katharine Braddick, Director General of Financial Services at Her Majesty Treasury, Andrew Bailey, Chief of Financial Conduct Authority and Dave Ramsden, Deputy Governor of Bank of England.
In principle, the Task Force concluded at the meeting to look into the impact of cryptocurrencies; comprehend the benefits and challenges of Blockchain technologies in financial services, and evaluate whether to regulate the sector.
“Cryptoassets have been an area of increasing interest for markets and regulators globally including the FCA,” Andrew Bailey, Chief Executive, Financial Control Authority remarked. “We look forward to working with our counterparts at the Bank of England and the Treasury as part of the Task Force to develop thinking and policy on cryptoassets.”
The group also announced that existing research and study done by the British government will be considered as well. More so, they will very much welcome “suggestions and inputs from academia, consumer groups, trade unions and investors in the sector.
Interestingly, Dave Ramsden, Deputy Governor of the Bank of England, acknowledged that Blockchain technologies have the potential to produce benefits to the financial system and to the entire economy.
“This Task Force will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets,”
It is reported that the next meeting of the group which will discuss a wide range of issues around Crypto and its underpinning technology is scheduled for July. This will lead to the publication of the Task Force's report to be published in the third quarter of this year.