- The British public is being asked to have its say on the potential of cryptocurrency in the country
- A House of Commons committee is collating experience and evidence to put to Parliament over crypto use in the UK
- The British government wants to turn the UK into a “global cryptoasser hub”
The British public are being asked their views on cryptocurrency in the country as part of an enquiry by the government on how to balance innovation with exploitation. The Treasury Committee of the United Kingdom’s House of Commons is asking for the public’s input on the risks and opportunities of cryptocurrencies in the country, as a slow cooker battle continues between the ruling Conservative government and the country’s financial overlords over the role of crypto.
Brits Asked What They Think About Crypto
The committee posted a notice last week asking for citizens’ feedback on their experience with cryptocurrencies and how they could play a role in British life in the future, noting how it plans to work with the government, the Financial Conduct Authority (FCA) and the Bank of England in order to balance regulation and “provide adequate protection for consumers and businesses without stifling innovation”.
It also seeks to understand how cryptocurrencies and blockchain technology could impact individuals, businesses and financial institutions.
Government at Loggerheads With Regulators
The British government announced back in April that it wanted the country to become a “global cryptoasset hub” and work on “safe adoption of cryptocurrencies”, a move that is the polar opposite stance of the FCA and the Bank of England; the FCA has taken measures to stop the British public taking part in many aspects of the cryptocurrency space, such as leverage trading, and is continually warning the public over becoming involved in the crypto sector, while the governor of the Bank of England has consistently spoken of how Bitcoin and other cryptocurrencies have no intrinsic value.
The British public has until September 12th to submit their views and evidence, which the committee may use in its report to Parliament.
