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Cryptocurrencies

BBA, Payments Council give response on digital currencies

Wednesday 21 January 2015 | 10:11 AM CET

The BBA, a group representing UK banks, has issued a response to the government’s ‘Call for Information’ on digital currencies.

The response, a joint collaboration with the Payments Council, began by welcoming the UK government’s request before going on to consider both the benefits and risks associated with digital currencies.

The request, issued in November 2014, set out to provide the government with the necessary information to fully understand digital currencies. The document consisted of 13 questions, ranging from the potential benefits of digital currencies, through to government involvement and new services facilitated by blockchain technology.

The UK Digital Currency Agency Association and several other companies published their opinions of the request. Its 46-page response outlined the need for digital currencies to be considered ‘financial measure’ and thus regulated in the same way as the foreign exchange and gold.

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