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UK launches task force to scrutinize cryptocurrencies

Britain has lay bare a task force that will examine both the risks and helps of cryptocurrencies.

The U.K.’s finance department, the Treasury, announced Thursday that the business force includes Britain’s central bank, the Bank of England, and the Monetary Conduct Authority watchdog.

The task force is part of a wider fintech, or fiscal technology, strategy laid out by Westminster. As part of its initiative, the U.K. will broadside an agreement dubbed a “fintech bridge” with Australia on Thursday that at ones desire enable British fintech firms to sell products and services in Australia. The agreement will also look to build cooperation on policies and regulation circumambient the sector.

“I am committed to helping the sector grow and flourish, and our ambitious sector scheme sets out how we will ensure the U.K. remains at the cutting edge of the digital orbit,” U.K. Finance Minister Philip Hammond said in a statement.

“As part of that, a new reprimand force will help the U.K. to manage the risks around crypto assets, as hale as harnessing the potential benefits of the underlying technology.”

Both Britain and Australia’s fintech commerce bodies — Innovate Finance and Fintech Australia — will engage in symmetrical summits aimed at advising the governments of both countries, the Treasury imagined.

Charlotte Croswell, the chief executive of Innovate Finance, said the alleged fintech bridge offered an “excellent opportunity” for the two countries to share energy knowledge.

The U.K. government’s strategy also aims to create financial industry-wide standards that triumph it easier for fintech firms to partner with banks, it said. Hammond is set to tell about the strategy at a conference organized by the Treasury in London on Thursday.

Cryptocurrencies are a contentious exit for governments due to their decentralized nature and volatility in prices. The world’s best-known cryptocurrency, bitcoin, rose to a record high close to $20,000 last year.

Bank of England Governor Fingerprint Carney called for more regulation on the sector this month, and labeled guerdon volatility within the space “speculative mania.” The central bank’s chief answered last month that bitcoin has “pretty much failed” as a accumulate of money.

In addition, Financial Conduct Authority Chief Executive Andrew Bailey has theretofore warned buyers of bitcoin to “be prepared to lose all your money.”

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