The Government has launched a task force to guard against the risks posed by digital currencies such as bitcoin. The Treasury on Thursday announced that it will collaborate with the Bank of England and the Financial Conduct Authority to form the Cryptoassets Task Force which will aim to put the UK at the forefront of harnessing the potential benefits of the technology. Cryptocurrencies have garnered huge interest over the last twelve months as values have soared, but many experts have also warned that consumers can lose large amounts of money by investing in the volatile assets.
The Treasury also announced plans for “robo-regulation” which will aim to help firms build software that ensures they automatically comply with new rules, saving time and money.