Treasury Committee of British Parliament appointed hearing on crypto-currencies

Discussion of crypto-currencies was initiated by the influential parliamentary committee of Great Britain.

The Committee on the Treasury of the House of Commons of the Parliament of Great Britain announced today that it will begin hearings on "digital currencies and distributed accounting technology".

The Treasury Committee of the Parliament is not a division of the government or any financial regulator, it can not establish rules and regulations, but it can give recommendations.

The Committee has the right to take oral and written testimony from both regulators and industry agencies and arrange interviews with representatives during hearings.

Reports of parliamentary committees can sometimes act as the basis on which legislation is put forward by the government.

Nicky Morgan, chairman of the parliamentary committee and former Secretary of State for Education, said that the hearing will assess the "regulatory response" of the UK's chief financial regulator, the Financial Behavior Authority (FCA), and the government and the Bank of England's attitude to crypto-currencies.

The committee will consider how to balance the rules for protecting consumers, businesses and financial infrastructure "without strangling innovation."

In particular, Morgan commented: "We will also consider the potential advantages of the crypto-currencies and the technologies underlying them, how they can create innovative opportunities and to what extent they can destroy the economy and replace traditional methods of payment," Ethereumworldnews.

Earlier this week, Governor of the Bank of England Mark Carney rated Bitcoin as a failed crypto currency.

Author: Evgenij Novožilov, Analyst Freedman Club Crypto News

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