As part of this, a new working group will help the UK manage encrypted assets and handle related risks, and take advantage of potential technologies. This move is part of a larger fintech strategy. Philip Hammond is expected to announce this special task force composed of the Bank of England, the Financial Market Conduct Authority and the Ministry of Finance on Thursday at the second International Finance and Technology Conference of the government.
The statement also announced that the government is interested in creating an Anglo-Australian “Financial Bridge” designed to connect markets in various countries and help British companies expand internationally. The British government has always supported cryptocurrency and blockchain technology. It is only sporadic to increase industry supervision. However, British Prime Minister, Theresa May spoke at the World Economic Forum in January and shared her concerns about the use of cryptocurrencies for crimes.
The Bank of England also announced plans to launch its own cryptocurrency in December 2017 and will launch it in early 2018. Since then, it has been making no progress in this regard.