UK lawmakers have announced the launch of a Treasury Select Committee inquiry that will examine digital currency and blockchain technology, according to reporting from The Telegraph and Reuters. The committee will be tasked with examining cryptocurrency’s potential impact, including risks to the nation’s consumers and business community.
Treasury Committee Chair Nicky Morgan stressed the timely nature of the inquiry, while noting that many consumers may not understand the potential risk:
“People are becoming increasingly aware of cryptocurrencies such as bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investor.”
The committee’s work will require it to obtain information and testimony from cryptocurrency experts that will then be used to prepare a report. Lawmakers will try to assess the effectiveness of the government’s current policies, to ensure that risks are being mitigated in a way that does not negatively impact innovation.
When completed, the report will include recommendations that will ultimately be presented to the government to help guide policymakers as they try to address the many policy challenges cryptocurrency presents.