The British government’s Finance Minister, John Glen, announced that the government will launch a new study aimed at uncovering the potential risks posed by cryptocurrencies such as Bitcoin.
The Minister said:
“In our upcoming fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to address these issues in more detail. The UK is the best place in the world for fintech, and it’s my job to make sure it stays that way.”
Speaking at the Innovate Finance conference in London, Glen specifically expressed concern over the backlash from crypto’s explosive growth. At the same time, he said London aims to maintain its position as a leading global hub for fintech experiments and Blockchain technologies.
The British government wants to be a pioneer in Blockchain
Glen said that 2017’s U.K. He added that it was a record-breaking year for the fintech sector and will attract £1.3bn (about $1.8bn) worth of investment. More than half of these funds have reportedly come from abroad. This has been a clear motivation for British regulators to welcome blockchain projects. one of the central banks. In December 2017, central bank governor Mark Carney said in December 2017 that Bitcoin’s price movements do not threaten global economic stability. had made a statement. He said that he plans to build the next version of the distribution system with the distributed ledger technique in mind.
Coindesk