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Bitcoin: MPs launch inquiry into digital currencies

2017-year-of-the-bitcoin

Bitcoin: MPs launch inquiry into digital currencies

Cryptocurrencies are Bitcoin etc. MPs have launched Associate in Nursing inquiry into cryptocurrencies such as Bitcoin. Therefore the technology behind them. The Treasury Committee same it needs to grasp the risks Associate in Nursing edges of digital cash following an explosion of interest. And investment in Bitcoin. The MPs can cowl the role of digital currencies within Britain, together with the impact on customers and businesses.

Although currencies appreciate Bitcoin has drawn criticism. Nicky Morgan same the MPs would cross-check. However, customers and Britain’s monetary infrastructure may be higher protected, while not stifling innovation. Last year’s fast rise, and ulterior fall, within the price of Bitcoin, focused attention on cryptocurrencies.

People are becoming increasingly aware of bitcoin, but they may not be aware that they are currently unregulated in the UK.  There is no protection for individual investors.

Inquiry arguments

  • Are digital currencies ultimately capable of replacing traditional means of payment?
  • To what extent could digital currencies disrupt the economy and the workings of the public sector?
  • What risks and benefits could digital currencies generate for consumers, businesses, and governments?
  • Could regulation benefit digital currency start-ups by improving consumer trust?
  • How are governments and regulators in other countries approaching digital currencies and what lessons can the UK learn from overseas?

Striking the right balance between regulating digital currencies to provide adequate protection for consumers and businesses, while not stifling innovation, is crucial,” Morgan said. “As part of the inquiry, we will explore how this can be achieved.”

The inquiry will also explore potential benefits of cryptocurrencies and how they “could disrupt the economy and replace traditional means of payment”.

Morgan has not bought any cryptocurrencies herself, but has said some of her constituents are keen investors.

What do you think?

Written by faa

Faisal Adnan is a Young Entrepreneur, Founder & CEO of the CodeMaze Pvt.Ltd known as a Entrepreneur and the Technology Mobilizer.

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