Written question asked by Adam Afriyie (Conservative) on Thursday, 6 June 2019, in the House of Commons. It was due for an answer on Monday, 10 June 2019. It was answered by John Glen (Conservative) on Thursday, 13 June 2019 on behalf of the Treasury.

Cryptocurrencies

Question: To ask the Chancellor of the Exchequer, what recent assessment the Government has made of the potential merits of cryptocurrencies as a means of payment.

Answer

The Government established the Cryptoassets Taskforce – comprised of HM Treasury, the Financial Conduct Authority and the Bank of England – in 2018 to explore the risks and potential benefits of cryptoassets and the underlying distributed ledger technology (DLT). The Taskforce’s final report

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concluded that benefits associated with the use of cryptoassets may arise in the future, but that the most immediate priorities for the authorities are to mitigate the risks posed by cryptoassets to consumers and markets, and to prevent the use of cryptoassets for illicit activity. As part of this, the Government will consult on its approach to cryptoassets this year. In addition, the authorities continue to encourage the responsible development of legitimate DLT and cryptoasset-related activity in the UK.

[1] Full version of the report is available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf

Secondary information

Type: Written question
Reference: 261180
Session: 2017-19
Subjects: Cryptocurrencies
Link: View this Written question on www.parliament.uk

Cryptocurrencies

Secondary information

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