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British Treasury calls for evidence on digital currencies

710 views · Published 29 November 2014 · 1:35:58 · Indexed 19 October 2026

Channel: World Crypto Network · 2014 · Entertainment

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In this show we discuss the British HM Treasury's request for evidence on digital currencies:

https://www.gov.uk/government/consultations/digital-currencies-call-for-information/digital-currencies-call-for-information

This was their report which was published in August 2014:
http://www.parliament.uk/briefing-papers/POST-PN-475/alternative-currencies

These are the questions in full:

Question 1
What are the benefits of digital currencies? How significant are these benefits? How do these benefits fall to different groups e.g. consumers, businesses, government, the wider economy? How do these benefits vary according to different digital currencies?
Question 2
Should the government intervene to support the development and usage of digital currencies and related businesses and technologies in the UK, or maintain the status quo? If the government were to intervene, what action should it take?
Question 3
If the government were to regulate digital currencies, which types of digital currency should be covered? Should it create a bespoke regulatory regime, or regulate through an existing national, European or international regime? For each option: what are the advantages and disadvantages? What are the possible unintended consequences (for instance, creating a barrier to entry due to compliance costs)?
Question 4
Are there currently barriers to digital currency businesses setting up in the UK? If so, what are they?
Question 5
What are the potential benefits of this distributed ledger technology? How significant are these benefits?
Question 6
What risks do digital currencies pose to users? How significant are these risks? How do these risks vary according to different digital currencies?
Question 7
Should the government intervene to address these risks, or maintain the status quo? What are the outcomes of taking no action? Would the market be able to address these risks itself?
Question 8
Should the government regulate digital currencies to protect users? If so, should it create a bespoke regime, or regulate through an existing national, European or international regime? For each option: what are the advantages and disadvantages? What are possible unintended consequences (for instance, creating a barrier to entry due to compliance costs)? What other means could the government use to mitigate user detriment apart from regulation?
Question 9
What are the crime risks associated with digital currencies? How significant are these risks? How do these risks vary according to different digital currencies?
Question 10
Should the government intervene to address these risks, or maintain the status quo? What are the outcomes of taking no action?
Question 11
If the government were to take action to address the risks of financial crime, should it introduce regulation, or use other powers? If the government were to introduce regulation, should it create a bespoke regime, or regulate through an existing national, European or international regime? For each option: what are the advantages and disadvantages? What are possible unintended consequences (for instance, creating a barrier to entry due to compliance costs)? What has been the impact of FinCEN’s decision in the USA on digital currencies?
Question 12
What difficulties could occur with digital currencies and financial sanctions?
Question 13
What risks do digital currencies pose to monetary and financial stability? How significant are these risks?

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