UK lawmakers seek input on the future of crypto

Quick Take

  • UK lawmakers opened an inquiry into the future of cryptocurrency, with plans to consider the impact crypto could have on consumers, the government and financial institutions.
  • The Treasury Committee’s call for evidence is open until Sept. 12.

Lawmakers in the United Kingdom began an inquiry into the future of cryptocurrency on Wednesday, putting out a call for evidence that will remain open for the next 61 days. 

The Treasury Committee is considering whether digital currencies could replace traditional currency in some instances, and how to strike the right balance on government regulation, according to the official call for evidence. 

“Treasury Committee will examine the potential risks and opportunities associated with the use of crypto-assets, their impact on social inclusivity and the possible need for regulatory change in the future,” the committee says on its website. 

The investigation will cover the role of crypto assets in the U.K., how distributed ledger technology could impact financial institutions like the central bank and how to protect consumers without stifling innovation. Evidence is due by Sept. 12 at 5 p.m.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.