UK Lawmakers Start Inquiry Into Crypto Use

The U.K Treasury Committee is beginning an inquiry into crypto-related risks and opportunities and the appropriate response from the government and regulatory bodies.

• The committee is requesting evidence on matters such as the possibility of digital currencies replacing fiat money, the effect of crypto on social inclusion and whether the government and regulators are equipped to "grasp the opportunities" presented by crypto assets.
• The Treasury Committee is a cross-party panel of lawmakers whose job it is to scrutinize the policy of the Treasury, Revenue and Customs and other public bodies, including the Bank of England and the Financial Conduct Authority.
• Those wishing to submit evidence have until Sept. 12.
• The inquiry is one of several similar efforts in the country. The government last week set up an inquiry examining the taxation of decentralized finance (DeFi) activities such as crypto asset loans and staking.
• The Treasury also intends to introduce legislation on a regulatory system for stablecoins later this month, according to Deputy Bank of England Governor Jon Cunliffe.

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