UK Launches Task Force To Scrutinize Cryptocurrency Risks and Benefits (cnbc.com)

U.K. Finance Minister Philip Hammond unveiled a task force that examines the risks and benefits of cryptocurrencies on Thursday. From a report: Hammond announced Thursday that the task force includes Britain's central bank, the Bank of England (BOE), and the Financial Conduct Authority (FCA) watchdog. He said that the BOE and FCA would also take the "first steps" toward automating financial compliance in Britain. The cryptocurrency task force is part of a wider fintech, or financial technology, strategy laid out by Westminster. As part of its initiative, the U.K. signed an agreement dubbed a "fintech bridge" with Australia on Thursday that will enable British fintech firms to sell products and services in Australia. The deal will also look to build cooperation on policies and regulation surrounding the sector, Hammond said. Hammond said he wanted to make the U.K. the "most attractive home" for global fintech firms.

Comments

Re:Tax

[coofercat]

Maybe, although gains by gambling (so long as gambling isn't your profession) are actually not taxable here.

Another thing to know: the Bank of England (who apparently have an acronym BoE, which I've never seen used) have been developing their own crypto currency (presumably as a replacement for Sterling, rather than for any decentralised benefits).

I'll save them some work

[GameboyRMH]

Risks: Loss of control over foreign exchange, massive ease to criminal finance (tax evasion, ransomware, black market purchases, terror funding, sanctions evasion), massive energy consumption, massive risk of irreversible loss due to cybercrime or scams, accelerating inequality due to early purchaser/miner advantage, potential for infinite tulipmanias.

Benefits: Warm n' fuzzy feelings for the very nuttiest libertarians.