The UK’s Cryptoassets Taskforce has recently taken steps in its mission to help develop thinking and policy about blockchain technology and cryptocurrency.
At its inaugural meeting, held May 22nd, The group agreed on several objectives, including assessing the impact of cryptocurrencies, the “potential benefits and challenges” of adopting blockchain technology in the finance sector and determining what rules may be needed in response to those inquiries.
Philip Hammond, Chancellor of the Exchequer, originally announced the Cryptoassets Taskforce in late March of this year. The taskforce is part of the UK government’s Fintech Sector Strategy, which is an initiative aiming to make the UK attractive to fintech business.
Dave Ramsden, deputy governor of the Bank of England, who believes that blockchain tech has a lot of potentials and would benefit both the financial system and the country’s economy would say:
“This taskforce will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realized, while also tackling the risks arising from cryptoassets.”
The taskforce, which counts as members the Bank of England, the Financial Conduct Authority, and the Treasury, will look into existing research from the government and regulatory commissions, and will also get input from groups such as trade bodies, the academia and consumer and investor groups.
The Cryptoassets Taskforce will hold a roundtable discussion in July of this year and plan to publish its first report in the third quarter of this year.