1.The Treasury Committee launched its Digital Currencies inquiry on 22 February 2018 in order to:
- Examine the role of digital currencies in the UK, including the opportunities and risks digital currencies may bring to consumers, businesses and the Government (and associated bodies);
- Consider the potential impact of distributed ledger technology (also known as blockchain) on financial institutions and financial infrastructure; and
- Evaluate the regulatory response to digital currencies from the Government, the Financial Conduct Authority (FCA) and the Bank of England, and how regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation.
2.The Committee held the following oral evidence sessions
- 1 May 2018: the application of blockchain. Ryan Zagone, Director of Regulatory Relations, Ripple; Martin Walker, Director, Centre for Evidence Based Management; Dr Grammateia Kotsialou, Researcher, King’s College London; and Chris Taylor, Chief Operating Officer, Everledger.
- 20 June 2018: the development of crypto-assets and the current crypto-asset landscape. Marco Santori, President and Chief Legal Officer, Blockchain; Iqbal Gandham, Managing Director, eToro and Chairman, Crypto UK; Obi Nwosu, Chief Executive Officer, Coinfloor; and Izabella Kaminska, Editor, The Financial Times Alphaville.
- 4 July 2018: the regulation of crypto-assets. David Geale, Director of Policy, FCA; Martin Etheridge, Head of Notes Operations, Bank of England; and David Raw, Deputy Director of Banking and Credit, HM Treasury.
3.The Committee also received 53 submissions of written evidence to the inquiry. The Committee thanks all those who provided evidence.