A consolidated commission of representatives from the Central Bank of England, the Office of Financial Supervision and the Treasury published a report on the prospects for cryptocurrencies. The document on 58 pages summarizes the study of the current state and prospects of the industry.
According to the report, the initial concerns about the large-scale use of digital money by criminals did not materialize. The shadow sector has shown minimal interest in new technologies, but such risks remain in the future.
At the same time, thanks to the blockchain, prospects for the development of the financial and other sectors of the economy are improving. Already, the technologies used here have improved the dynamics of business development. It is reported that the country's leadership will encourage the emergence of new directions in the study and application of cryptocurrency assets.
It is noted that now the state bodies do not hinder the circulation of digital coins, but in the future, it is necessary to increase the awareness of citizens. To this end, it is planned to issue detailed instructions for taxpayers. In addition, it is necessary to work in the following areas:
In general, the tone of the report is positive for the cryptocurrency market. The commission members are confident that the blockchain gives an additional impetus to the development of the national economy. Therefore, measures are required to encourage such activities. Its appearance in the legal field will increase the potential use of cryptocurrencies and make the market more transparent.
Despite the risks of technology imperfections, the dynamics speak of the vast possibilities for using cryptocurrencies. And not only in financial, but also in other industries.