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UK Parliament Launches Inquiry Into Crypto

 |  July 17, 2022

The UK Parliament’s Treasury Committee is conducting an inquiry into the role cryptocurrencies play in the United Kingdom, and is asking the public for input.

The committee said Wednesday (July 13) that the inquiry will examine “opportunities and risks that crypto-assets may bring to consumers, businesses and the Government (and associated bodies),” as well as the “potential impact of distributed ledger technology on financial institutions, including the central bank, and financial infrastructure.”

Members of the public are invited to offer their thoughts on a number of related topics, such as the likelihood of digital currencies replacing traditional currency, and the risks and opportunities presented by the launch of a central bank digital currency (CBDC).

The committee is also seeking input on the use of non-fungible tokens (NFTs) and their potential risks and rewards for both the public and private sector, as well as feedback on ways government processes — such as the tax system — can be adapted if cryptocurrency becomes more popular.

In addition, the committee wants to hear from people on whether the government is “striking the right balance between regulating crypto-assets to provide adequate protection for consumers and businesses and not stifling innovation.”

The committee said the deadline for submissions is 5 p.m. BST on Monday, Sept. 12.

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