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U.K. Government Launches Cryptocurrency Task Force to Regulate and Foster Cryptocurrency Innovation

Philip Hammond, the Chancellor of the Exchequer, has publicized the development of a new cryptocurrency taskforce that will play a significant role in regulating and fostering crypto innovation within the UK.

During his speech at the second annual International Fintech Conference in London, Philip cited that the task force will be made up of members from the Treasury, The Bank of England and the Financial Conduct Authority.

The task force will aid various businesses to accept the use of Blockchain services and implement the utilization of different cryptocurrencies like Bitcoin and Ethereum for their daily transactions.  The task force promises to protect firms from potential risks of digital currencies by the introduction of a new structural framework.

“I am determined to ensure the sector grows and flourishes and our existing ambitious sector plans how to ensure the United Kingdom remains at the forefront of the digital revolution. The new task force will help in the management of risks surrounding cryptocurrency assets and utilizing the benefits of the existing technology in the UK,” said Hammond.

Other essential points from the Hammond’s speech

Apart from the creation of a task force, Philip Hammond announced other measures that the government was planning to implement in the future.

The acceptance of new “robot regulations” that will make digital start-ups to reduce overhead costs and legal fees.

The creation of a “Fintech bridge” will enhance a healthier financial relationship between UK and Australia. The agreement will make the British service providers have access to the Australian Fintech market hence creating new opportunities for both e-commerce and trade within the two powerhouses.

The future

While the announcement is good news to the crypto community, it is not clear if the British government will strive to create a healthy and sustainable environment that will encourage the trading of cryptocurrency instead of imposing more restrictions.

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