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ARTICLE · 28 MARCH 2018

Chancellor Of The Exchequer Announces New Crypto-Assets Task Force

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The task force will consist of individuals from the Treasury, the Bank of England, and the Financial Conduct Authority.

United KingdomTechnology
Gareth Minty
Gareth Minty
Ciju Puthuppally
Ciju Puthuppally

Phillip Hammond, Chancellor of the Exchequer, announced the launch of a new "crypto-assets task force" at the International Fintech Conference in London this March. The task force will consist of individuals from the Treasury, the Bank of England, and the Financial Conduct Authority.

Mr Hammond explained that the role of the task force would be "to manage the risks around crypto-assets, as well as harnessing the potential benefits of the underlying technology". The expectation is that it will develop industry standards for fintech, whilst at the same time seeking to support innovation in the industry.

The Chancellor's announcement follows on from the Governor of the Bank of England Mark Carney's comments earlier this month calling for "rigorous regulation of digital currencies". Mr Carney said: "Authorities are rightly concerned that given their inefficiency and anonymity, one of the main reasons for their use is to shield illicit activities."

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