Share this article
UK Government Announces New Cryptocurrency Research Effort
The U.K. government will launch new research aimed to explore the potential risks posed by cryptocurrencies, a minister has said.
By Leigh Cuen
Updated Sep 13, 2021, 7:42 a.m. Published Mar 19, 2018, 6:00 p.m.
Britain's junior finance minister, John Glen, announced Monday that the government will launch new research aimed to explore the potential risks posed by cryptocurrencies like bitcoin.
According to a Reuters report, the minister said:
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“In our upcoming fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail. ... The UK is the best place in the world for fintech and my mandate is to ensure it remains such.”
Speaking at the Innovate Finance conference in London, Glen specifically cited concerns about the repercussions arising from the "explosive growth” of cryptocurrencies. At the same time, he said he aims to safeguard London’s position as a leading global hub for fintech experimentation and blockchain technologies.
Glen added that 2017 was a record-breaking year for the U.K.'s fintech sector, attracting investments worth £1.3 billion (roughly $1.8 billion). More than half of those funds reportedly came from abroad, a clear motivation for British regulators to continue welcoming blockchain projects.
Beyond the private sector, the Bank of England (BoE) is perhaps one of the world’s most bullish central banks when it comes to cryptocurrency.
In December 2017, the central bank's chief, Mark Carney, said in December 2017 that bitcoin's price moves don’t appear to threaten global economic stability.
And, last April, the BoE – which also runs a fintech accelerator that welcomes blockchain firms – said it planned to build the next version of its settlement system with distributed ledger tech in mind.
Bank of England image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
