The Treasury Committee of the United Kingdom's House of Commons has opened an inquiry that allows residents to contribute in a written format about the role that digital assets play in the U.K. File Photo by Andy Rain/EPA-EFE
July 15 (MT Newswires) -- The Treasury Committee of the United Kingdom's House of Commons has asked the general public to put forward evidence that alludes to the risks and opportunities within the crypto finance industry.
The committee has opened an inquiry that allows residents to contribute in a written format about the role that digital assets play in the United Kingdom. It will also be exploring how the Bank of England, the Financial Conduct Authority and the government can balance regulation.
This will help in the provision of adequate protection for businesses and consumers without hindering innovation. Aside from this, the three entities will also learn more about how distributed ledger technology and cryptocurrencies could impact financial institutions, businesses and individuals.
Until Sept. 12, British residents can submit any evidence they may have about the industry, which could then be included in the committee's report to parliament.
Among the preferred questions is the environmental and resource intensity of using digital asset technology, what the government can learn from lawmakers and regulators addressing the use of digital currencies in other regions and the risks and opportunities posed by the issuance of a central bank digital currency from the Bank of England.
This is the second request made by the government to the general public this month. On July 5, the government urged residents to weigh in on the taxation of decentralized finance with an eye on staking and loans. On Tuesday, Jon Cunliffe, the deputy governor for financial stability at the BoE called on regulators to incorporate blockchain and crypto into the country's existing framework.
Starting in January 2023, Ashley Alder, CEO of the Hong Kong Securities and Futures Commission, will become the next chair of the Financial Conduct Authority.
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