Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: UK Treasury Issues 'Call for Information' on Digital Currencies  (Read 388 times)

0 Members and 1 Guest are viewing this topic.

Offline davidpbrown

UK Treasury Issues 'Call for Information' on Digital Currencies
« on: November 04, 2014, 03:32:35 PM »

UK Treasury Issues 'Call for Information' on Digital Currencies
Quote
The document asks 13 questions, ranging from basic information on the potential benefits of digital currencies, through government involvement and regulation, to new services made possible by block-chain technology. The potential non-monetary uses of the block chain are also addressed.

Notably, the Treasury describes the block chain as an innovation that “could represent a fundamental change in how payment systems can be made to work”.

At a time when the Government must be looking for all ways to create economy, this would be an ideal opportunity for BitShares to put itself forward and state its ambitions alongside others and ensure the .gov.uk is well informed.

Who is the 'UK Digital Currency association'?

Quote
Britain’s overall position on digital currencies can be described as liberal and progressive. London is Europe’s biggest financial hub and, in the past, the government has tried to stay ahead of the curve in terms of regulation and business-friendly policies.

Here's hoping they see the light and make it easier for businesses to engage without having them troubled by any ambiguity in legislation.

Open consultation - Digital currencies: Call for Information
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline davidpbrown

Re: UK Treasury Issues 'Call for Information' on Digital Currencies
« Reply #1 on: November 04, 2014, 03:53:29 PM »
To help discussion:

Quote
List of questions

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?


These look like sensible questions that all Governments will be asking themselves.

I see huge potential then to make them aware and encourage that they take a positive view and actively educate the public and businesses. It's important especially that Government define the parameters within which businesses can operate in cryptocurrency and cryptoasset space, in order that they remove uncertainty and so that everyone can make the most of the opportunity.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline fluxer555

  • Hero Member
  • *****
  • Posts: 666
    • View Profile
Re: UK Treasury Issues 'Call for Information' on Digital Currencies
« Reply #2 on: November 04, 2014, 04:10:41 PM »
Quote
The document asks 13 questions

I thought this said 'I3' and I almost choked.
BTS: boolean-julien

Offline racingdude

  • Newbie
  • *
  • Posts: 14
    • View Profile
Re: UK Treasury Issues 'Call for Information' on Digital Currencies
« Reply #3 on: November 04, 2014, 04:15:03 PM »
Not good. I bet, they are looking to regulate crypto currencies to the ground.

Offline davidpbrown

Re: UK Treasury Issues 'Call for Information' on Digital Currencies
« Reply #4 on: November 04, 2014, 04:32:18 PM »
Not good. I bet, they are looking to regulate crypto currencies to the ground.

It's lazy to be cynical. They need to do due diligence. Anything they do to make legislation less ambiguous will be good for business engagement and raising people's awareness.

Given the state of the economy and the UK's interest in continuing being 'a' if not 'the' financial centre of the world, I wonder it's more likely they are wanting to make whatever they can of it. The arguements for supporting crypto-trade and currencies seems obvious to those who know anything of it. While Governments might be a bit slow at times, there's no reason to expect them to shoot themselves in the foot. Society will want to benefit in all the ways it can from blockchain technology.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc


Offline davidpbrown

Re: UK Treasury Issues 'Call for Information' on Digital Currencies
« Reply #6 on: November 04, 2014, 06:20:03 PM »
UK Treasury Approaches Cryptocurrency Regulation In A Different Way

Quote
We in the UK want to be the first country that will create a good legislative and regulatory institute. However we will do it properly and with open discussion with the digital currency community involved every step of the way. The US with their “bit license” was a bit rash, like most American politician are. We In the UK are a bit more sophisticated and do not rush in as easily as some in the US.

We’re considering the benefits of digital currencies and are looking into the technology that is at the centre of these digital currencies. We should take action to support innovation in this area. As with everything around us we are also looking at the potential risks and the possible solutions we could offer to make the technologies even better.

Quote
For a good example where government and digital community are finding each other around the discussion table we only have to look at Belgium. The Belgian Bitcoin Association and the Belgian government are in dialog with each other concerning digital currencies. The BBA is also a platform that gives out unbiased information when asked. So why not act like mature people, like the BBA and the Belgian government are doing in Belgium, and hammer out an agreement and/or legislation concerning digital currencies that is beneficial for everyone involved?

First I've heard of BBA but little surprise this is where we are at now.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline betax

  • Hero Member
  • *****
  • Posts: 803
    • View Profile
Re: UK Treasury Issues 'Call for Information' on Digital Currencies
« Reply #7 on: November 05, 2014, 07:57:35 AM »
I believe we could represent BitShares here. In the same way that Coinfloor was lobbying at number 10 being part of FinTech. (Interesting that fast payment was removed soon afterwards and now you have to transfer to a polish account)
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

 

Google+