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<p>The Government has not made a formal assessment of any potential implications of
recent changes in the value of cryptocurrencies. However, the Government continues
to monitor developments in the cryptocurrency market.</p><p>The Chancellor of the
Exchequer launched the Cryptoassets Taskforce in March, consisting of HM Treasury,
the Bank of England and the Financial Conduct Authority. The Taskforce is considering
the risks and potential benefits of cryptoassets and other applications of distributed
ledger technology in financial services, as well as assessing what, if any, regulation
is required in response. The Taskforce will publish a report in the Autumn.</p>
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