UK MPs and financial experts are trying to weigh both the pros and cons of the crypto industry.
MP Andrew Griffith recently spoke to the Treasury Committee on crypto developments. According to Griffith, the government plans to adopt the underlying technology used in cryptos.
Regardless of the reason for the failure of the main crypto exchange FTX, the UK is still aiming to become a global crypto haven. According to a new report, U K parliamentarians and financial experts are trying to weigh both the benefits and risks of supporting a thriving crypto industry in the UK.
The Treasury’s economic columnist, Andrew Griffith, briefed the U K government’s Treasury Committee on recent developments in crypto. Griffith said the government plans to adopt the underlying technology used in digital assets such as Bitcoin, Ethereum and Cardano.
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UK Central Bank
He said the government is considering tax and crypto laws as it continues to consider central bank digital currencies (CBDCs), stablecoins and non-fungible tokens (NFTs).
He continued:
There are many predictions that reveal the benefits to the UK economy of adopting crypto assets and its underlying technologies, such as distributed ledger and blockchain technology.
Griffith also said that the government needs to use this new technology but is also ready for regulations that protect consumers. However, laws should not prevent the use of disruptive technologies.
It is also expected that the U K government will present a consultation document that will focus on crypto laws. The document will be developed in collaboration with the Bank of England to cover topics such as CBDC for the UK.
The UK government has been at the forefront of supporting crypto assets. In October, the country’s new president, Rishi Sunak, expressed his support for the CBDC in a video shared on Twitter.