6
Recommendation
Fifteenth Report - Regulating Crypto
Rejected
We strongly recommend that the Government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’. (Paragraph 52) Regulating Crypto 19
Read more
We strongly recommend that the Government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’. (Paragraph 52) Regulating Crypto 19
Show less
Government response AI summary
The government explicitly rejects the recommendation to regulate unbacked cryptoassets as gambling, stating it would be a fundamental departure from its intended approach which aligns with international standards for financial services.
Read full response →
HM Treasury
2
Conclusion
First Report - The digital pound: still…
Rejected
It is vital that a digital pound does not increase risks to UK financial stability and, were a digital pound to be launched, it could take some time to fully understand the impact on financial stability and the wider economy in both normal and stressed times. To reduce the risk …
Read more
It is vital that a digital pound does not increase risks to UK financial stability and, were a digital pound to be launched, it could take some time to fully understand the impact on financial stability and the wider economy in both normal and stressed times. To reduce the risk of large-scale outflows from bank deposits into digital pounds, there could be merit in a more cautious approach of a lower initial limit on individual holdings than the £10,000-£20,000 limit proposed by the Bank of England and Treasury, with a view to increasing it over time.
Show less
Government response AI summary
The government rejects the suggestion for a lower initial holding limit, stating it is minded to proceed with a £10,000-£20,000 limit for the digital pound, while remaining open to revisiting this if new information arises.
Read full response →
HM Treasury
3
Recommendation
First Report - The digital pound: still…
Rejected
We recommend that the Bank of England and Treasury undertake further analysis on the monetary policy impact of paying interest on the digital pound, and in the meantime ensure that their design work does not preclude the possibility of paying interest on the digital pound.
Read more
We recommend that the Bank of England and Treasury undertake further analysis on the monetary policy impact of paying interest on the digital pound, and in the meantime ensure that their design work does not preclude the possibility of paying interest on the digital pound.
Show less
Government response AI summary
The government rejects paying interest on the digital pound at launch, stating it is intended as a payment means and would be unremunerated like cash, though any future decision to revisit this would involve a full consultation.
Read full response →
HM Treasury