The UK’s Treasury Select Committee launches an investigation into the crypto coins and blockchain technology. All efforts will be managed in order to understand how these work.
Starting with today, 22 February 2018, TSC is opening a new inquiry. The main targets are to focus on both the benefits and negative consequences that can appear from the perspective of a consumer, investor and government.
The Guardian described the lawmakers as “a powerful committee of MPs”. Their purposes are to analyze the potential of the blockchain technology on the public institutions.
The Treasury Committee Chair Nicky Morgan stated that “The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses, and Governments, including those relating to volatility, money laundering and cyber-crime”, related The Guardian.
Taking into account the increasing number of investors and their fraud, Nicky Morgan’s purpose is to protect all those involved. She is afraid that most of the customers are not aware of all the aspects of protecting their personal data when using the blockchain-based platforms.
She added that “We will also examine the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment”.
The Committee will work side by side with IT experts to elaborate a final report that will present in front of the government recommendations and safeguards against possible inconveniences.
According to Committee member Alison McGover, the inquiry will help especially the lawmakers and politicians to be caution before implementing any policies. She added that “It is time that Whitehall and Westminster understood cryptocurrency better, and thought more clearly about the policy environment for blockchain technology”.
The UK Treasury Committee’s inquiry will bring new methods related to protecting the customers, investors, politicians, institutions against frauds, money laundering, attacks and others negative consequences. It will educate those involved and give them the security they are looking for.