According to a report by Financial Feeds, the UK federal government is constantly encountering questions regarding the unfavorable impacts the bearish market on other fields of the economic situation.
Lord Taylor of Warwick asked, “Her Grandeur’s Government what analysis they have made of records that the value of crypto-currencies in the USA is falling, as well as of the prospective effects that such a decrease might have on the UK blockchain industry”.
The answer by Lord Bates is fairly unexpected to the fact that nothing much has really been done concerning this aspect.
“The Federal government has actually not made a formal assessment of any possible implications of recent modifications in the value of cryptocurrencies. Nonetheless, the Federal government remains to check developments in the cryptocurrency market,” claimed Lord Bates.
In his feedback, Lord Bates is claimed to have included regarding the Cryptoassets Taskforce’s tasks launched by Chancellor of the Exchequer in March.
Inning accordance with Bates, this Taskforce is remembering the pros and cons of crypto properties and various other uses distributed journal innovation in economic services likewise maintaining a check of the policies needed. This fall, the Taskforce is apparently stated to be releasing a record describing its recommendations.
The Economic Assistant of HM Treasury, John Glen discussed a week ago that the Chancellor has actually not spoken a word with Bank of England about issuing a state-backed digital money. Glen also revealed that the UK Federal government has no plans in acknowledging cryptocurrency as legal tender neither recommend designating them as economic tools.
According to an earlier record by BC Focus, UK’s monetary regulator Financial Conduct Authority said cryptocurrency scamsters are using pictures of celebs and office addresses in posh London localities to deceive capitalists.
A graduate in the field of Finance and Investment, researching and reporting on cryptocurrency, particularly the reaction of governments to the same.