UK Gov’t Responds Questions about Impact of Crypto Bear Market – Crypto News Today

According to the reports of Finance Feeds on Sep 18, the UK government had some questions to answer about Crypto Bar Market on UK Blockchain Industry. The questions were about if it was effectively been monitored the impact of the global coin market downturn on the in-country blockchain industry, or not.

From Warwick, Lord Taylor asks to the government about impact of the downgoing crypto assets prices on the UK crypto world. It’s stated that the last changes in the crypto assets prices has not constituted a formal assessment on stable affections. By the way the Uk government is continuing to do monitor improvements in the coin trading areas.

Cryptoassets Taskforce Activities

The Minister of State at the Department for International Development, Lord Bates reminded the activities of Cryptoassets Taskforce. It had been started to work in March.

The Taskforce involves HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). It is responsible of evaluating the advantages and risks of cryptocurrencies and blockchain industry in the economic market. At the same time, they researches the convenient regulations (if necessary) for the space. It’s near to see them (in this fall) publish a new report emphasizing their advices.

Finance Feeds also reports that that John Glen, Economic Secretary of HM Treasury, has lastly indicated, however the Bank of England has not formal debates with the chancellor about announcing a state-related digital asset, they are investigating the expected results of such a decision.

UK Gov’t Has No Plans on Crypto as a Legal Tender

By the way, Glen noticed that the UK government hasn’t got any decision to accept the cryptos as legal tender, and also government has no intend to designate them as an economic asset at present.

In the beginnig of summer, the FCA stated a guidance for banks. It explained how to solve their clients’ risk problem about the cryptocurrencies. It involved very specific ways in the expanded spectrum of market. Reportedly said by Finance Feeds, the UK only regulates some derivatives like crypto-based Contract for Differences (CFDs), but not the whole industry.


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