link1029 link1030 link1031 link1032 link1033 link1034 link1035 link1036 link1037 link1038 link1039 link1040 link1041 link1042 link1043 link1044 link1045 link1046 link1047 link1048 link1049 link1050 link1051 link1052 link1053 link1054 link1055 link1056 link1057 link1058 link1059 link1060 link1061 link1062 link1063 link1064 link1065 link1066 link1067 link1068 link1069 link1070 link1071 link1072 link1073 link1074 link1075 link1076 link1077 link1078 link1079 link1080 link1081 link1082 link1083 link1084 link1085 link1086 link1087 link1088 link1089 link1090 link1091 link1092 link1093 link1094 link1095 link1096 link1097 link1098 link1099 link1100 link1101 link1102 link1103 link1104 link1105 link1106 link1107 link1108 link1109 link1110 link1111 link1112 link1113 link1114 link1115 link1116 link1117 link1118 link1119 link1120 link1121 link1122 link1123 link1124 link1125 link1126 link1127 link1128 link1129 link1130 link1131 link1132 link1133 link1134 link1135 link1136 link1137 link1138 link1139 link1140 link1141 link1142 link1143 link1144 link1145 link1146 link1147 link1148 link1149 link1150 link1151 link1152 link1153 link1154 link1155 link1156 link1157 link1158 link1159 link1160 link1161 link1162 link1163 link1164 link1165 link1166 link1167 link1168 link1169 link1170 link1171 link1172 link1173 link1174 link1175

Tag: digital currencies

Bitcoin — British MPs launch inquiry into digital currencies

Bitcoin — British MPs launch inquiry into digital currencies

MPs have launched an inquiry into cryptocurrencies and the technology behind them.

The Treasury Committee said it wants to understand the risks and benefits of digital money following an explosion of interest — and investment — in them.

The MPs will cover the role of digital currencies in the UK, including the impact on consumers and businesses.

Although currencies such as Bitcoin have drawn criticism, the technology behind them has been praised.

Nicky Morgan, chair of the of the committee, said the MPs would look into how consumers and Britain's financial infrastructure might be better protected, without stifling innovation.

Last year's rapid rise, and subsequent fall, in the value of Bitcoin focussed attention on cryptocurrencies. They were variously dismissed as fraudulent, a "Ponzi" investment scam, and a vehicle for criminals and tax evaders.

Bank of England governor Mark Carney said Bitcoin had failed as a currency, but that the underlying technology which records and verifies the chain of transactions might prove useful.

Warren Buffett, the venerated investor, said the speculative cryptocurrency craze "will come to a bad end".

Divorcing couples may clash over Bitcoin

Ms Morgan said: "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 investors.

"The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses, and governments, including those relating to volatility, money laundering, and cyber-crime.

"We will also examine the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment."

But she also wants to strike a balance between protection and regulation, and not hindering the blockchain technology behind cryptocurrencies. "As part of the inquiry, we will explore how this can be achieved," she said.

The committee, which has yet to set a date for its first evidence session, will take evidence on key questions, including:

  • Are digital currencies ultimately capable of replacing traditional means of payment?

  • To what extent could digital currencies disrupt the economy and the workings of the public sector?

  • What risks and benefits could digital currencies generate for consumers, businesses and governments?

  • Could regulation benefit digital currency start-ups by improving consumer trust?

  • How are governments and regulators in other countries approaching digital currencies and what lessons can the UK learn from overseas?

Source   BBC

 

Posted by David Ogden Entrpreneur

 

Bitcoin - British MPs launch inquiry into digital currencies

Alan Zibluk Markethive Founding Member