The UK Govt. are leading the charge again - this time issuing a 'Call for Information' on digital currencies in order to weigh the risks and benefits offered by the new technology.
The purpose of this Call for Information is to enable the government to examine the potential benefits that digital currencies could bring to consumers, businesses and the wider economy, and look into the potential barriers that digital currency businesses face when trying to establish themselves in the UK. The government will also examine the risks presented by digital currencies in order to establish whether, at this point in time, the government needs to take action to counter these risks. Once aware of the benefits and risks, the government can take a decision on whether it needs to intervene in the digital currency market. government interventions could take the form of regulation, for example, to curb financial crime risks or to create a more stable market. The government is completing this Call for Information in the context of much ongoing international debate on digital currencies and how to treat them. For example, there are ongoing discussions in Europe and at the Financial Action Taskforce. The information gained through this Call for Information will be used to ensure the UK government’s own position on digital currencies is properly informed and in the best interests of UK consumers and businesses.