UK Treasury asks public for evidence of cryptocurrency risks

With the increasing trading volumes in the crypto market market in recent years, there has been an increase in scam cases as well. Governments in many countries are preparing to deal with these scams. In the UK, the Treasury Department has asked people to provide evidence about the risks and opportunities associated with cryptocurrencies. The Treasury Department has launched an investigation to assess the impact of the crypto segment on its financial operations.

The purpose of this investigation is to find ways to balance the impact of the crypto industry on the current functioning of the UK’s Financial Conduct Authority (FCA) and the Bank of England (BoE). The UK Parliament has said, “Authorities in the UK seek to understand the risks and opportunities associated with crypto assets from the perspective of consumers, firms and governments. In addition, the potential impact of distributed ledger technology on financial institutions is also sought to be understood. Will be.” The British government has asked the public to comment on whether the current financial system and its governing authorities are capable of handling the risks and opportunities associated with crypto assets.

Suggestions have also been sought regarding tax laws for the crypto segment. Stablecoin Project Tether will launch a stablecoin pegged to the UK currency, the pound. The symbol for this altcoin will be GBPT. It will initially be based on the Ethereum blockchain. Support for other blockchain networks can also be added for this later. “The British Pound-linked Tether token will be launched. It will have a 1:1 linkage with the Pound,” the Tether-linked firm explained in a recent blog post. The UK has allowed stablecoins as a method of payment. Along with GBPT, UK currency will also be on the blockchain network.

USD Coin, Tether and Binance USD are some of the popular stablecoins, which are pegged to the US dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange. It is often used by traders to remit funds. It is easy to exchange major stablecoins for bitcoin or other cryptocurrencies.

Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.

Related news

Leave a Comment