UK Government to Scrutinize Cryptocurrency Risks

March 20, 2018

British government and the country’s financial regulators plan studying in more detail the potential risks cryptocurrencies may cause, as John Glen, the British junior finance minister stated.

As to Glen, rapid growth of cryptocurrencies may pose numerous risks regardless of huge potential the underlying blockchain technology has.

“In our upcoming fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail”, Glen claimed at Innovate Finance Global Summit 2018 held in London on March 19-20.

Despite increasing number of central bank heads around the globe getting concerned about cryptocurrency expanding and urging for global regulation, no such measure was adopted at the G20 meeting for finance ministers and central bank governors.

The UK for its turn does not plan taking any strict actions as it is set to remain the world’s center of financial technologies especially given the EU countries are likely to win over British companies after it finally quits the Union.

“The UK is the best place in the world for fintech and my mandate is to ensure it remains such”, Glen noted.

It is to remind you that the President of the Bank of England Mark Carney would say earlier, the agency is ready for more solid measures against cryptocurrencies.

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