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Cryptocurrencies

Question for Treasury

UIN 3796, tabled on 19 May 2021

To ask the Chancellor of the Exchequer, with reference to the Answer of 23 April 2021 to Question 180919 on Bitcoin: electricity, what his planned timescale is for providing a common definition for environmentally sustainable economy activities for (a) Bitcoin and (b) other crypto-currencies.

Answered on

26 May 2021

The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.

In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.

Answered by

Treasury