{"id":3079,"date":"2018-10-30T15:35:40","date_gmt":"2018-10-30T15:35:40","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3079"},"modified":"2018-10-30T15:35:40","modified_gmt":"2018-10-30T15:35:40","slug":"the-uk-government-launches-a-cryptocurrency-task-force-to-harness-fintech-benefits","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/the-uk-government-launches-a-cryptocurrency-task-force-to-harness-fintech-benefits\/","title":{"rendered":"The UK Government Launches a Cryptocurrency Task Force to Harness Fintech Benefits"},"content":{"rendered":"
\"\"<\/a>
First Published on MARCH 22, 2018 15:26 CET on CCN.com<\/figcaption><\/figure>\n

The British government has announced a plan to establish a cryptocurrency \u2018task force\u2019 that will include Her Majesty\u2019s Treasury, The Bank of England and the Financial Conduct Authority.<\/p>\n

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dealshaker.eu<\/figcaption><\/figure>\n

As a part of the UK government\u2019s broader Fintech Sector Strategy, UK Chancellor of the Exchequer Philip Hammond is expected to introduce a raft of FinTech initiatives including a new task force centered around studying the risks and benefits of cryptocurrencies, at the government\u2019s second International FinTech Conference.<\/p>\n

An excerpt from the government\u2019s\u00a0announcement<\/a>\u00a0into the task force reveals the Fintech Sector Strategy to establish:<\/p>\n

\u201cA Cryptoassets Task Force consisting of HM Treasury, the Bank of England [the central bank] and the Financial Conduct Authority [the financial regulator]. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology while guarding against potential risks.\u201d<\/p><\/blockquote>\n

Hammond insists the task force will help pin the UK as a leading fintech hub, adding it will help \u201cthe sector grow and flourish\u201d.<\/p>\n

Other noteworthy initiatives expected to be announced include advancing \u201crobo-regulation\u201d to enable new Fintech startups and firms to efficiently follow traditionally complex regulations. The endeavor will see pilot schemes help the financial services industry to \u201ccomply with regulations by building software which would automatically ensure they follow the rules, saving them time and money,\u201d the government said.<\/p>\n

\"\"<\/a><\/p>\n

The statement also underlined a new Australia-UK \u2018Fintech bridge\u2019 to strengthen industry ties between the two, a move that to enable UK-based fintech firms to expand into Australia.<\/p>\n

For years, the UK government has been broadly supportive of blockchain technology and cryptocurrencies despite increasing calls for regulation for the latter.<\/p>\n

Speaking on the sidelines of the World Economic Forum in January, UK Prime Minister Theresa May\u00a0put the spotlight<\/a>\u00a0on the misuse of cryptocurrencies, specifically mentioning bitcoin. \u201c[W]e should be looking at these very serious, precisely because of the way they can be used, particularly by criminals,\u201d she stated, even as the UK Treasury\u00a0announced<\/a>\u00a0plans to bring cryptocurrency transactions under existing anti-money laundering and counter-terrorism financing legislation.<\/p>\n

A month ago to the day, the UK Treasury Select Committee opened\u00a0an inquiry<\/a>\u00a0into cryptocurrencies with one member summing it up as an educational crash course for politicians and lawmakers \u201cto understand cryptocurrency better.\u201d Earlier this week, members of the upcoming task force have also\u00a0launched a study<\/a>\u00a0researching cryptocurrencies, Britain\u2019s junior finance minister John Glen revealed.<\/p>\n

Featured image from Shutterstock.<\/em><\/p>\n

\"\"
afrochain.co<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

The British government has announced a plan to establish a cryptocurrency \u2018task force\u2019 that will include Her Majesty\u2019s Treasury, The Bank of England and the Financial Conduct Authority. As a part of the UK government\u2019s broader Fintech Sector Strategy, UK Chancellor of the Exchequer Philip Hammond is expected to introduce a raft of FinTech initiatives …<\/p>\n","protected":false},"author":1,"featured_media":3080,"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":[61],"tags":[],"aioseo_notices":[],"yoast_head":"\nThe UK Government Launches a Cryptocurrency Task Force to Harness Fintech Benefits - 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\/the-uk-government-launches-a-cryptocurrency-task-force-to-harness-fintech-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The UK Government Launches a Cryptocurrency Task Force to Harness Fintech Benefits - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"The British government has announced a plan to establish a cryptocurrency \u2018task force\u2019 that will include Her Majesty\u2019s Treasury, The Bank of England and the Financial Conduct Authority. 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