U.K. Starts Cryptocurrency Inquiry as Lawmakers Weigh Regulation
- Parliament will consider Bitcoin’s impact on banks, consumers
- Inquiry follows action taken by regulators in U.S. and China
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U.K. lawmakers are launching an inquiry into cryptocurrencies to investigate their benefits and risks and consider how the new technology should be regulated.
Parliament’s Treasury Committee will examine the impact of Bitcoin and its peers on banks and consumers and consider whether they could ultimately replace traditional money, it said in a statement on Thursday. The 11-member committee will scrutinize how to police cryptocurrencies as the government tries to get to grips with a marketplace with little transparency or accountability.