UK Treasury-min

The UK has become one of the largest hubs for cryptocurrency activities. Amid this growth, regulators have been paying attention, and the Treasury Committee of the UK’s House of Commons has called upon the public to provide evidence that shows the risks and opportunities derived from participation in the cryptocurrency sector.

UK Treasury Committee launches inquiry on crypto

The committee issued a notice on Tuesday saying it had launched an inquiry that will allow people to submit their views about the functions of cryptocurrency assets in the UK. The report by the Treasury Committee said that the committee would assess how stakeholders such as the UK government, the Financial Conduct Authority (FCA), and the Bank of England would regulate the crypto space.

This inquiry aims to identify the best way that UK’s crypto market can provide safeguards for consumers and businesses while supporting innovation. It will also assess how cryptocurrencies and distributed ledger technology can affect individuals, businesses, and other financial bodies.

The evidence collected from the public about the crypto market could be used in preparing a report that will be submitted before parliament. The deadline for submitting evidence is September 12, and some questions asked include the risks and opportunities derived from the country’s plans for a central bank digital currency (CBDC).

The Bank of England is among the central banks that have announced CBDC plans. However, the country is still in the research phase for this product. The regulator is also asking the public to provide details of how the UK government would benefit from lawmakers and regulators that were dealing with cryptocurrency issues within their jurisdictions.

The inquiry also seeks public opinion on the effects of cryptocurrencies on social inclusion. It also questioned whether regulators could mitigate the risks presented by cryptocurrencies while mitigating the risks.

Effects of cryptocurrencies on the environment

The other issue the lawmakers also want the public to assess is the environmental impacts of cryptocurrencies and the level of demand for resources needed to sustain crypto technology.

This question follows a few months after some lawmakers in the country tabled a bill that would prohibit proof-of-work (PoW) mining. However, this bill was overturned. A similar bill was passed in New York City, with the state’s senators approving a two-year ban on proof-of-work Bitcoin mining sites.

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