To ask Her Majesty’s Government what work is being undertaken by HM Treasury in respect of bitcoin and other digital currencies in the context of the speech by the Chancellor of the Exchequer on 6 August; and what consultation has taken place with the UK Digital Currency Association, as the representative body of those United Kingdom businesses engaged with digital currency.
27 October 2014
On 6 August, the Chancellor announced a major programme of work looking into digital currencies and associated technologies, with a particular focus on whether they should be regulated. The Government is now considering the benefits offered by digital currencies and the technology that underpins them, and whether it should take action to support innovation in this area. At the same time, the Government is examining the risks presented by digital currencies, and assessing whether action is required to mitigate any concerns. The Government is engaging with a wide range of stakeholders, including the UK Digital Currency Association, as part of this work.