UK Lawmakers Start Inquiry Into Crypto Use

Parliament's Treasury Committee is requesting evidence on matters such as the possibility of digital currencies replacing fiat money and the effect of crypto on social inclusion.

AccessTimeIconJul 13, 2022 at 2:14 p.m. UTC
Updated May 11, 2023 at 5:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The U.K Treasury Committee is beginning an inquiry into crypto-related risks and opportunities and the appropriate response from the government and regulatory bodies.

  • The committee is requesting evidence on matters such as the possibility of digital currencies replacing fiat money, the effect of crypto on social inclusion and whether the government and regulators are equipped to "grasp the opportunities" presented by crypto assets.
  • The Treasury Committee is a cross-party panel of lawmakers whose job it is to scrutinize the policy of the Treasury, Revenue and Customs and other public bodies, including the Bank of England and the Financial Conduct Authority.
  • Those wishing to submit evidence have until Sept. 12.
  • The inquiry is one of several similar efforts in the country. The government last week set up an inquiry examining the taxation of decentralized finance (DeFi) activities such as crypto asset loans and staking.
  • The Treasury also intends to introduce legislation on a regulatory system for stablecoins later this month, according to Deputy Bank of England Governor Jon Cunliffe.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.