{"id":1709,"date":"2018-03-01T12:32:43","date_gmt":"2018-03-01T12:32:43","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=1709"},"modified":"2018-06-21T06:34:36","modified_gmt":"2018-06-21T06:34:36","slug":"uk-mps-are-launching-an-inquiry-into-bitcoin-and-blockchain","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/uk-mps-are-launching-an-inquiry-into-bitcoin-and-blockchain\/","title":{"rendered":"UK MPs are launching an inquiry into bitcoin and blockchain"},"content":{"rendered":"<p><strong><br \/>\n<a href=\"https:\/\/trade.io\/l\/7x9h\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/somethingbigiscoming.io\/banners\/v1\/320x50.jpg\" \/><\/a><\/strong><\/p>\n<p><strong>Scrutiny is needed to examine risks for investors, says Treasury committee chair Nicky Morgan<\/strong><\/p>\n<p>A powerful committee of MPs is launching an inquiry into bitcoin and other digital currencies over fears that cryptocurrencies could lead to increased \u201cmarket volatility, money laundering and cybercrime\u201d.<\/p>\n<p>The Treasury select committee said the inquiry would \u201cexamine the potential impact of distributed ledger technology \u2013 such as blockchain \u2013 on financial institutions, including the central bank, and financial infrastructure\u201d.<\/p>\n<aside class=\"element element-rich-link element--thumbnail element-rich-link--upgraded\" data-component=\"rich-link\" data-link-name=\"rich-link-1 | 1\">\n<div class=\"rich-link tone-news--item rich-link--pillar-news\">\n<div class=\"rich-link__container\">\n<div class=\"rich-link__image-container u-responsive-ratio\"><a class=\"u-underline\" href=\"https:\/\/www.theguardian.com\/politics\/nicky-morgan\" data-link-name=\"auto-linked-tag\" data-component=\"auto-linked-tag\">Nicky Morgan<\/a>, chair of the Treasury committee, said the inquiry was needed to investigate the risks consumers face if they invest in bitcoin, the price of which has fluctuated wildly.<\/div>\n<figure id=\"attachment_1657\" aria-describedby=\"caption-attachment-1657\" style=\"width: 546px\" class=\"wp-caption alignright\"><img decoding=\"async\" class=\"wp-image-1657\" src=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2018\/02\/logo-img-text-600-300x113.png\" alt=\"\" width=\"546\" height=\"206\" srcset=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2018\/02\/logo-img-text-600-300x113.png 300w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2018\/02\/logo-img-text-600.png 600w\" sizes=\"(max-width: 546px) 100vw, 546px\" \/><figcaption id=\"caption-attachment-1657\" class=\"wp-caption-text\">Advert: Dealshaker \u2013 A New platform of Merchants Reshaping the E-commerce Industry. <a href=\"https:\/\/atozcrypto.org\/dealshaker-a-new-platform-of-merchants-reshaping-the-e-commerce-industry\/\">Read More<\/a><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/aside>\n<p style=\"text-align: left;\">\u201cPeople are becoming increasingly aware of cryptocurrencies such as bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors,\u201d she said. \u201cThe Treasury committee will look at the potential risks that digital currencies could generate for consumers, businesses and governments, including those relating to volatility, money laundering and cybercrime.\u201d<\/p>\n<p>The inquiry comes after the prime minister called for her government to have a \u201cvery serious\u201d look at potential regulation of cryptocurrencies because of \u201cthe way they are used, particularly by criminals\u201d. Theresa May was one of several global leaders to warn about the potentials dangers of bitcoin and other digital currencies\u00a0<a class=\"u-underline\" href=\"https:\/\/www.theguardian.com\/business\/2018\/jan\/25\/bitcoin-wont-last-in-world-of-finance-warns-nobel-winning-economist\" data-link-name=\"in body link\">at the World Economic Forum in Davos<\/a>\u00a0last month.<\/p>\n<p><a href=\"https:\/\/trade.io\/l\/7x9h\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/somethingbigiscoming.io\/banners\/v1\/600x315.jpg\" \/><\/a><br \/>\nSteven Mnuchin, the US treasury secretary, said: \u201cMy number one focus on cryptocurrencies, whether that be digital currencies or bitcoin or other things, is that we want to make sure that they\u2019re not used for illicit activities.\u201d<\/p>\n<p>France\u2019s and Germany\u2019s finance ministers have called on fellow G20 leaders to introduce coordinated regulation, and have put cryptocurrencies on the agenda for this year\u2019s G20 summit in Argentina in November. In a letter to their counterparts the finance ministers warned that cryptocurrencies were \u201clargely mislabelled as \u2018currencies\u2019 in the media\u201d.<\/p>\n<p>French president Emmanuel Macron has called for the\u00a0International Monetary Fund (IMF)\u00a0to oversee investigations into cryptocurrencies. Christine Lagarde, the IMF\u2019s managing director, said that it had already begun \u201cmonitoring and surveilling and analysing the risks associated with the development of cryptocurrencies and the potential benefits out of it\u201d. She said that the lack of transparency in cryptocurrencies\u2019 transactions \u201cconceals and protects money-laundering and financing of terrorism and all sorts of dark trades\u201d.<\/p>\n<p><a href=\"https:\/\/trade.io\/l\/7x9h\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/somethingbigiscoming.io\/banners\/v1\/970x250.jpg\" \/><\/a><br \/>\nBitcoin, Ether and other cryptocurrencies have soared in value attracting millions of people to buy in. However, experts have warned that prices could collapse and leave investors with nothing.<\/p>\n<p><a href=\"https:\/\/atozcrypto.org\/bitcoin\/\">Bitcoin was trading at about $10,600 on Wednesday<\/a>, down from a high of nearly $20,000 in December 2016, but far higher than the $1,000 the virtual coins were worth at the start of 2017.<\/p>\n<p>Morgan said the committee would consider whether the currencies should be subject to regulation. It will also scrutinise the government, the Financial Conduct Authority (FCA) and Bank of England\u2019s regulatory response to the emergence of the new currencies.<\/p>\n<p>\u201cStriking the right balance between regulating digital currencies to provide adequate protection for consumers and businesses, while not stifling innovation, is crucial,\u201d Morgan said. \u201cAs part of the inquiry, we will explore how this can be achieved.\u201d<\/p>\n<p>The inquiry will also explore potential benefits of cryptocurrencies and how they \u201ccould disrupt the economy and replace traditional means of payment\u201d.<\/p>\n<p>Morgan has not bought any cryptocurrencies herself, but has said some of her constituents are keen investors.Source: The Guardian<\/p>\n<p><a href=\"https:\/\/trade.io\/l\/7x9h\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/somethingbigiscoming.io\/banners\/v2\/600x315.jpg\" \/><\/a><\/p>\n<div class=\"contributions__epic \" data-component=\"mem_acquisition_epic_sandc_circles_control\">\n<div class=\"\">\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Scrutiny is needed to examine risks for investors, says Treasury committee chair Nicky Morgan A powerful committee of MPs is launching an inquiry into bitcoin and other digital currencies over fears that cryptocurrencies could lead to increased \u201cmarket volatility, money laundering and cybercrime\u201d. The Treasury select committee said the inquiry would \u201cexamine the potential impact &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK MPs are launching an inquiry into bitcoin and blockchain - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/uk-mps-are-launching-an-inquiry-into-bitcoin-and-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK MPs are launching an inquiry into bitcoin and blockchain - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"Scrutiny is needed to examine risks for investors, says Treasury committee chair Nicky Morgan A powerful committee of MPs is launching an inquiry into bitcoin and other digital currencies over fears that cryptocurrencies could lead to increased \u201cmarket volatility, money laundering and cybercrime\u201d. 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