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Laxman Pai, Opalesque Asia: UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey said that the roles of cryptoassets should not be ruled out. He regards cryptocurrencies as an innovation within the financial domain.
During FCA's Annual Public Meeting Andrew clarified that the dangers connected with cryptocurrencies should be lowered while cultivating its advantages.
He has brought up crypto assets as one of four operational risks significant in the regulators' current work.
"The FCA is firmly a supporter of innovation, but we must balance this against the threats that come from some forms of innovation and the new issues they can pose. A good example of this is cryptoassets," he said.
Andrew added: "We are keen to see the potential of their underlying technology, and do not rule out roles for cryptoassets themselves. But the risks are evident too: not least in the question of whether the consumers who use them understand the asset and price volatility they involve."
He said that FCA is working closely with the Treasury and Bank of England to assess these issues and come up with appropriate responses.
The British government has already announced a plan to establish a cryptocurrency 'task force' that will include Her Majesty's Treasury, The Bank of England and the Financial Conduct Authority.
UK Chancellor of the Exchequer Philip Hammond insists the task force will help pin the UK as a leading fintech hub, adding it will help "...................... To view our full article Click here
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