In order to properly regulate cryptocurrencies, the UK Treasury plans to consult the general public, financial watchdogs, law enforcement agencies, members of the Bitcoin community, and financial technology companies.
“We’re considering the potential benefits of digital currencies to customers and the technology that underpins them, and whether we should take action to support innovation in this area,” said a spokesperson in reply to a query from The Guardian.
The Treasury is also looking at possible risks and will impose measures if there are potential problems, he added.
Chancellor George Osborne announced in August that the Treasury has decided to review the Bitcoin’s pros and cons in terms of the country’s economy. However, the study is still ongoing.
Nevertheless, if the UK government is looking for experts who can clearly and thoroughly discuss the merits and potential ill effects of cryptocurrency, one possible candidate is entrepreneur and Bitcoin evangelist Andreas Antonopoulos.
Last month, he appeared before the Canadian Senate and answered their questions about cryptocurrency with ease. More importantly, Antonopoulos proposed that this type of technology be allowed to develop for five more years.
“The ability to innovate without permission at the edge of the Bitcoin network is the same fundamental force that has driven internet innovation for 20 years at a frenetic pace, creating enormous value for consumers, economic growth, opportunities and jobs,” he explained.