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804333

registered interest
date	11/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what holdings of Bitcoin and other crypto-currencies are held by the Government.
tabling member constituency	Walsall North
tabling member printed	Eddie Hughes
uin	118575
answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>HM Treasury does not have any holdings of Bitcoin or other crypto-currencies. HM Treasury and the Bank of England publish details of the UK’s current international reserves, including foreign currency assets, on a monthly basis.</p> answering member constituency Harrogate and Knaresborough answering member printed Andrew Jones question first answered 19/12/2017 14:01:00 answering member 3996 label Biography information for Andrew Jones
tabling member	4635 label Biography information for Eddie Hughes

804334

registered interest
date	11/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the risks to the UK economy of the potential failure of Bitcoin and other crypto-currencies.
tabling member constituency	Walsall North
tabling member printed	Eddie Hughes
uin	118577
answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The independent Financial Policy Committee (FPC), established by the Government, aims to ensure the UK financial system is resilient to, and prepared for, the wide range of risks it could face — so that the system could support the real economy, even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor developments, and provided its latest assessment of the risks to financial stability in the Financial Stability Report, published in November 2017.</p><p> </p><p>In addition, the Financial Conduct Authority (FCA) has stated that it will continue to monitor distributed ledger technology (DLT)-related market developments, working collaboratively with industry, HM Treasury, the Bank of England, the Information Commissioner’s Office, and other UK bodies to ensure a coordinated approach towards DLT in the UK.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 19/12/2017 15:36:16 answering member 4095 label Biography information for Steve Barclay
tabling member	4635 label Biography information for Eddie Hughes

804335

registered interest
date	11/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the value to the UK economy of Bitcoin and other cryptocurrencies.
tabling member constituency	Walsall North
tabling member printed	Eddie Hughes
uin	118579
answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 118581 question first answered 19/12/2017 14:05:17 answering member 4095 label Biography information for Steve Barclay
tabling member	4635 label Biography information for Eddie Hughes

804336

registered interest
date	11/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what plans his Department has to regulate the use of cryptocurrencies in the UK.
tabling member constituency	Walsall North
tabling member printed	Eddie Hughes
uin	118581
answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 118579 question first answered 19/12/2017 14:05:17 answering member 4095 label Biography information for Steve Barclay
tabling member	4635 label Biography information for Eddie Hughes