The UK government has been faced with doubts about whether it is actively monitoring the impact of the global slowdown in the cryptocurrency market in Blockchain's domestic industry.
It is reported that Lord Taylor of Warwick asked His Majesty's government what evaluation they did of the reports to determine the value of the cryptocurrencies, proving that it is decreasing and, the possible effects that such a decline could have on the British industry.
Lord Bates, the State Minister of the Department for International Development, responded by saying that, while the government "monitors evolution" in cryptometries, it has not "made a formal assessment of the potential implications of recent changes" in the value of cryptocurrencies. "
As part of his response, Lord Bates drew attention to the activities of the Cryptoassets Working Group, which was launched in March by the Minister of Finance.
The Working Group includes HM Treasury, the Bank of England and the Financial Conduct Authority (FCA), which evaluates the benefits and risks of crypto, as well as the use of Blockchain in financial services.
The group is also considering what regulation, if any, would be appropriate for the space and, according to reports, is prepared to publish a forthcoming report describing its recommendations this fall.
Finance Feeds also points out that John Glen, Economic Secretary of HM Treasury, recently stated that, although the Bank of England does not hold formal talks with the Chancellor about the issuance of a digital currency backed by the state, in any case, it conducts research to understand the possible implications such a movement would have.
Glen also stressed that this spring the UK government "currently has no plans to recognize digital currencies as legal tender or propose their designation as financial instruments."
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