On March 22nd, Philip Hammond, the UK’s Finance Minister, announced a task force made up of the UK’s Central Bank, Bank of England (BOE) and the Financial Conduct Authority (FCA). This council will be responsible for supporting and regulating cryptocurrency and blockchain projects.
The finance minister said that the FCA and BOE would take the steps necessary to make digital currencies to England’s financial legislation.
In a statement, Mr. Hammond assured that the task force will create industry standards that will facilitate the merging of traditional banks with blockchain and fintech firms.
“I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the U.K. remains at the cutting edge of the digital revolution”
“As part of that, a new task force will help the U.K. to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology,” he added.
This will to regulate cryptocurrencies is shared by many large countries such as Canada and the United States. This week, even the G20 urged its member to take action concerning the growing influence of the blockchain technology and the cryptocurrency market.