British Government Launches a Cryptocurrency Task ForceApril 1, 2018
The United Kingdom Chancellor of the Exchequer Philip Hammond declared the government “crypto assets task force” together with hosting various fintech businesses. This is in accordance with the report released to uncover the task force, which will include the Bank of England, the Financial Conduct Authority and the Treasury. The launch occurred at the International Fintech Conference.
The platform that is a portion of the wider Fintech Sector Strategy of the UK government is anticipated to assist the government in alleviating the dangers, which are associated to Cryptoassets apart from the benefits, which come with the technology. Philip Hammond is also anticipated to show different other measures, which widely connect to the fintech industry.
The statement claimed that the measures will include programs and pilot schemes, which are intended at assisting the upcoming fintech corporations and the broader financial service industry smoothly follow with the laid down regulations by creating software, which can automatically integrate the regulations and rules thus saving a lot of money and time.
The statement said that the UK government plans to come up along with UK Australia fintech bridge that is planned at linking 2 nations so as to the UK corporations in growing into the global market. Some great features of the UK’s Fintech Sector Strategy include the development of standards that will make it a lot simpler for fintech corporations to work along with banks.
The testimony further specified the initiatives of the government to work with fintech company so as establish a shared platform that will be utilized to get rid of the barriers, which most fintech corporations experience. However, the testimony provides more details about the nature and type of such platforms.
The UK government has widely shown agreeable to blockchain technology but hasn’t shown much interest for the cryptocurrency. During the World Economic Forum in last January, the UK Prime Minister Theresa May is so anxious regarding the possible use of crypto for illegal purposes. During the same event, Philip Hammond suggested the formulation of policies and regulations to regulate and monitor cryptocurrencies.
Earlier this week, the financial watchdog of South Korea also designated that blockchain technology would be a huge part of its efforts to improve the local industry of fintech. The regulator of the Financial Services Commission of FSC strives to support insurance corporations and banks to utilize blockchain in new payment systems to improve the protection and security of the financial information of their clients. FSC also have confidence that blockchain can further help its customers by streamlining verification processes. The watchdog claimed that the creation of the fintech sector will start new opportunities, especially jobs for the young people in the society.
While the proclamation is a good news to the community of crypto, it’s not clear if the UK government will flourish to develop a sustainable and healthy environment, which will support the trading of cryptocurrency as an alternative of imposing more boundaries.