UK's HM Treasury invites views and evidence on the risks and benefits of digital currencies in a Call for Information.

UK's economic and finance ministry, the HM Treasury, announced on November 3, it was holding a public Call for Information on digital currencies. The organization will be gathering views and opinions on the advantages and the risks involved in dealing with digital currencies, in order to decide "whether [the government] should take action to support innovation in this area," while "examining the risks presented by digital currencies, and assessing whether action is required to mitigate any concerns," reads the relevant consultation description. The Call of Information will be focusing on "digital currencies in their function as a payment method, rather than as a speculative investment," continued the release.

The purpose of this consultation is said to help the government identity the opportunities and benefits of digital currencies to consumers, businesses and the wider economy. The authority will also look closely to the potential barriers faced by digital currency businesses when trying to establish themselves in the UK, and examine the different risks when dealing with digital currencies in order to decide if government intervention is needed.

Overall, the information gathered by this Call for Information will acknowledge the government with the relevant information to ensure its position on digital currencies and decide if it should intervene in the digital currency space by the form of regulation.

The questionnaire is composed of 13 questions and covers various fields, including the potential benefits of the blockchain technology, the necessity or not of governmental intervention in addressing the ricks posed to users, and the necessity or not of governmental intervention in supporting the development and usage of digital currencies in the UK.  “Should the government intervene to support the development and usage of digital currencies and related businesses and technologies in the UK, or maintain the status quo?” reads one set of questions. “If the government were to intervene, what action should it take?” Another question regarding potential regulation reads:

“Should [the government] create a bespoke regulatory regime, or regulate through an existing national, European or international regime?”

The authority invites anyone that has interest in digital currencies and the future of payment systems to take part of this consultation, including developers, digital currency exchanges, users, investors, academics, think-tanks, other government departments, international counterparts, banks, building societies and other payment service providers, payment scheme companies, and e-money providers.

UK's HM Treasury

Further information, as well as the questionnaire can be found here, and participants have until December 3, to submit their views and opinions to either [email protected], or write to: Digital Currencies – Call for Information, Banking & Credit Team, Floor 1, Red, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.


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