UK Government Hasn’t Assessed Crypto Price Swings

UK Government Hasn’t Assessed Crypto Price Swings

Possible risks and benefits of blockchain and cryptocurrencies haven’t been assessed yet

The UK Government has no plans to assess the subsequences of the cryptocurrency price swings. As cryptocurrencies continue to conquer the modern world, governments are discussing their influence on economy, the regulations and possible restrictions to the new technology and market. There have been significant alterations in the prices of most currencies, and new reports on blockchain industry have been issued in the UK.

However, the answer did not clarify the situation in full as the Government hasn’t assessed the value swings and possible subsequences yet. However, the authorities are going to track all developments related to crypto currencies.

Earlier this year, the CryptoassetsTalkforce was established in the UK to assess any possible risks and advantages related to blockchain and cryptocurrencies and to set out rules and regulations to control the crypto market and transactions. In addition to that, the Talkforce didn’t discuss the problem with the Bank of England.

According to some experts, the Government has no intentions to make cryptocurrencies an official financial instrument although theyquickly continue to expand. The issue is difficult to resolve as all the risks for consumers and enterprises should be estimated first.

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