Digital currencies: Call for Information

04 November 2014

The government is now calling for information as part of its consideration of the benefits and risks associated with digital currencies and the technology that underpins them.

The Call for Information invites views and evidence on the benefits and risks of digital currencies.

In August of this year the Chancellor of the Exchequer announced a major programme of work looking into digital currencies and associated technologies, with a particular focus on whether they should be regulated. The government is now considering the benefits offered by digital currencies and the technology that underpins them, and whether it should take action to support innovation in this area. At the same time, the government is examining the risks presented by digital currencies, and assessing whether action is required to mitigate any concerns.

The Treasury says that the Call for Information should be read by those with an interest in digital currencies and the future development of payments. This includes digital currency developers, digital currency exchanges, digital currency users, investors, academics, think-tanks, other government departments, international counterparts, banks, building societies and other payment service providers, payment scheme companies and e-money providers.

CIPP comment

 

The Policy Team will be studying the Call for Information, and if appropriate will issue a survey in due course. It would be helpful in the meantime if any reader who uses (or is considering using) digital currencies in their payroll operation could let the team know at policy@cipp.og.uk