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Select Committee · Treasury Committee

The crypto-asset industry

Status: Closed Opened: 12 Jul 2022 Closed: 11 Mar 2024 12 recommendations 6 conclusions 2 reports

In this inquiry, the Treasury Committee will examine the potential risks and opportunities associated with the use of crypto-assets, their impact on social inclusivity and the possible need for regulatory change in the future. Read the call for evidence to find out more about the inquiry

Clear

Reports

2 reports
Title HC No. Published Items Response
First Report - The digital pound: still a solution in searc… HC 215 2 Dec 2023 13 Responded
Fifteenth Report - Regulating Crypto HC 615 17 May 2023 5 Responded

Recommendations & Conclusions

3 items
1 Conclusion First Report - The digital pound: still… Acknowledged

Potential benefits of a digital pound for the UK economy remain unclear in extent and necessity.

There are some potential benefits to the UK economy from a digital pound. A digital pound could help support innovation in domestic payments, while guarding against some of the risks posed by new forms of private digital money by maintaining public access to a form of central bank money. Innovation …

Government response. The government acknowledges the committee's observation on potential benefits, reiterating that the design process itself will foster knowledge-sharing and collaboration, which are valuable regardless of the final decision to introduce a digital pound.
HM Treasury
6 Conclusion First Report - The digital pound: still… Acknowledged

Concern about misuse of consumer data by digital pound wallet providers for commercial purposes.

We are also concerned about potential misuse of consumers’ data by the user-facing firms that would manage consumers’ digital pound wallets, particularly given that the commercial use of this data could form a key part of the business model for wallet providers, in a way that it doesn’t for banks.

Government response. The government acknowledges concerns about private sector data misuse and states firms would comply with existing UK data protection laws, promising to explore privacy-enhancing designs and set out the regulatory framework in detail during the design phase.
HM Treasury
7 Recommendation First Report - The digital pound: still… Acknowledged

Ensure transparent data collection, clear opt-outs, and robust regulation for digital pound wallet providers.

While some consumers may be content to share their personal data with payment interface providers in exchange for digital pound wallet services, there is a risk that consumers do not fully understand how their data could be used, or the implications of doing so. It is vital that it is …

Government response. The government acknowledges concerns about private sector data use, stating all firms would comply with existing UK data protection laws, and commits to exploring privacy-enhancing designs and detailing the regulatory framework during the design phase.
HM Treasury

Correspondence

6 letters
DateDirectionTitle
25 Jan 2024 — Correspondence from HM Treasury and the Bank of England, in response to the Com…
1 Jun 2023 — Correspondence from the Chancellor of the Exchequer regarding Commitment on Cen…
25 Apr 2023 — Correspondence from the Bank of England, relating to the session on ‘The crypto…
25 Apr 2023 — Correspondence from the Chair to the Bank of England, relating to the session o…
26 Jan 2023 — Correspondence from the FCA relating to the session on ‘The crypto-asset indust…
16 Nov 2022 — Correspondence from Binance, relating to the session on ‘The crypto-asset indus…