LONDON, UK – The government of the UK has announced their plan on setting up a crypto task force which will be responsible in monitoring different cryptocurrencies, something that can keep an eye on the entirety of the Fintech industry.
During the second International Fintech Conference of the government today, Phillip Hammond, the Chancellor of the Exchequer, announced the launching of the Fintech Sector Strategy. It aims to keep the UK at the forefront when it comes to the Fintech industry, which contributes about 7 billion euros to its economy.
Deputy Governor Dave Ramsden of the Bank of England has also stated on Thursday that the central bank is in the works of setting up a new Fintech Hub. It will be placed at the bank itself as a means to consider how the bank understands Fintech and how it uses the technology to achieve its mission.
The primary component of the Fintech Sector Strategy is the introduction of the crypto task force which is composed of representatives from various entities, the Bank of England, Financial Conduct Authority, and the HM Treasury. There are two primary purposes of this task force, to establish the position of the UK at the top when it comes to digital currency and build an infrastructure that can monitor potential cryptocurrency risks.
There have been works in finding answers and solutions about certain cryptocurrency issues made by the central bank particularly with the use of their Fintech Accelerator. It has been used to broaden the bank’s knowledge and understanding of the modern distributed ledger technology.
According to Ramsden, they are now considering to build through the success that the Accelerator has achieved so far by maximizing the use of its approaches in their business activities.
This latest move follows the shift on how the British government has changed its views toward cryptocurrency. During the 2018 World Economic Forum, the Prime Minister has spoken about her worries that come with virtual currency, stating that stronger regulations are necessary. Governor Mark Carney of the Bank of England also shared the same sentiments in an interview early this month.
The crypto task force seems to be the first step in addressing the government’s apprehension toward cryptocurrencies.