The UK has been under strong support of the Blockchain technology
According to a report last Monday, a question was posed to the Lord bates in the parliament regarding the price fluctuations that are currently happening in the bear market for Bitcoin and other cryptocurrencies.
The question of whether the UK is ready to subsidize a bear market that has been growing for the past 10 years has finally been of a topic. Lord Taylor of Warwick posed a question to his colleagues asking:
“What assessments have they made of reports that the value of cryptocurrencies in the United States is failing, and of the potential effects that such a decline might have on the UK Blockchain industry?”
The Minister of State at the Department for International Development, Lord Bates responded to the comment stating that the Government has still not made any formal judgment towards the implications of the current cryptocurrency market performance and changes it may bring to the economy.
He also added that “ However ,The Government continues to monitor the developments in the cryptocurrency market.”
An organization called Cryptoassets Taskforce that deals with various cryptoassets were suggested by Lord bates in order to evidently show that the Government is taking the necessary steps to minimize the risks that cryptocurrencies have regarding price volatility. The organization Cryptoassets Taskforce is comprised of members from HM Treasury, the Financial Conduct Authority (FCA) and members of the parliament together with the Bank of England. These companies and organizations will be maintaining responsibility for determining any problems that the Cryptocurrency and Blockchain industry may be facing in the coming months and years. A report that will come from the Cryptoassets Taskforce, will be due in Autumn of this year, and the pressing questions from Lord bates will have answers within the following publishments.
Approaching the crypto market with balance and competence
The Bitcoin News reported last week that the UK’s FCA chief Andrew Bailey wanted to put forth a strategy that will be balanced in its approach to the growing cryptocurrencies industry. Through a speech in London , Mr. Bailey mentioned that the FCA will be exploring the potential of the underlying technology of cryptocurrencies, the Blockchain. The FCA are true supporters of innovative products, services, ideas and will apply what is needed for the industry to grow.
The UK’s largest financial regulator is on sight of all developments happening within the Fintech and Blockchain industry. This brings the promise that the UK will continue growing the Blockchain industry while offering official support after the markets have had a bad performance period.
What do you think of the UK’s involvement in the blockchain industry? Please leave a comment below to let us know.