Twitter Facebook LinkedIn Flipboard 0 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. Related Articles How To Buy Bitcoin UK – Beginner’s Guide Best Crypto Exchanges In The UK 2022 Best Bitcoin Brokers UK For 2022 – With Lowest Fees Battle Infinity - Latest Metaverse Game Our Rating Presale Sold Out Early - battleinfinity.io Upcoming Listing on PancakeSwap Fantasy Sports Themed Games Play to Earn Utility - IBAT Token Powered By Unreal Engine Solid Proof Audited, CoinSniper Verified Learn More Twitter Tweet Facebook Share Email This article was written for Business 2 Community by Ali Raza.Learn how to publish your content on B2C Join our Telegram channel to stay up to date on breaking news coverage Author: Ali Raza Follow @ali_r1272 Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, InsideBitcoins, BeinCrypto, and more. … View full profile ›More by this author:Can EOS Reinvention Hopes with Antelope Rebrand Succeed – Price Down 12%Acala Is Almost Back at 1:1 Peg after Exploit, then Burn FixSub-Par Chargers and Eye-Watering Prices Slow EV Adoption