Britain’s subordinate finance minister, John Glen, has made definite, a forthcoming government investigation effort in pursuing a better understanding and look into possible risks of cryptocurrencies like bitcoin.
Glen mentioned worries about crypto-related risks when talking at a financial convention on Monday, primarily after the shoot in the growth of flagrant currencies such as bitcoin in the mainstream. Consequently, the minister disclosed that Britain’s government and regulators will take a thorough look into possible risks linked to cryptocurrencies with the new investigation, Reuters reports.
The minister’s admission comes within a month of the Treasury Select Committee beginning an investigation into cryptocurrencies to analyze both the prospects and dangers given to consumers, companies and the government itself. The move to start an investigation was summed up as a crash-course for statesmen and administrators at “Whitehall and Westminster cryptocurrency to better understand” by one committee associate.
Regulatory Balance for Safeguarding Innovation
Secondary finance minister Glen, who also supervises the well-being of the financial services division, has strained on that the government will attempt to preserve London’s spot among the world’s foremost FinTech hubs for cryptocurrency and blockchain startups. For example, two years after San Francisco-based Coinbase first started off in the UK with a London bureau, the US trade is expanding its London staff 8x after obtaining an FCA e-money authorization in its raid into growing across the EU.
The minister also announced a record-breaking year for Britain’s fintech sector in 2017. A total of £1.3 billion was dispensed into the business with over half of the finance coming from overseas, Glen aforementioned, underlining the promising standpoint taken by the government to welcome and appreciate crypto- and blockchain-related businesses to its shores. Bitcoin’s Progression Gets UK Government Launch Crypto Analysis