Treasury report shows cryptocurrencies are part of mainstream finance

It’s a great news day! Today is the day the Commons Select Committee issued a unanimously agreed report on crypto-assets for its Digital Currencies Inquiry.

The report’s conclusion, that crypto-assets should be regulated, shows cryptocurrencies are part of mainstream finance and, as a result, the sector is likely to rally.

Indeed, the report concluded: “Regulation needed for…crypto-asset market” and that the “ambiguity of the UK Government and regulators’ position is clearly not sustainable.”

As I was quoted as saying by International Investment, International Adviser, Market Watch and Crypto News Review, amongst other media, digital currencies are here, and they’re here to stay. They are the future of money. So much so, that in the digitalised, globalised world we live in today, cryptocurrencies are only set to skyrocket in years to come.

Therefore, I welcome the Treasury Select Committee’s proactive approach with open arms, as it could well be the first step towards implementing regulations to safeguard consumers and avert unlawful activity.

In my view, the conclusion reached today by the Committee in relation to cryptocurrencies places them on the right side of the history books. The fact that the report stated these digital currencies should have a proper regulatory structure proves yet again that they belong in mainstream finance.

As I’ve said many times, the regulation of the cryptocurrency sector is now inescapable.

Putting an appropriate regulatory framework in place will provide investors with further protection and, as such, confidence in the flourishing market will potentially push prices up.

The announcement today from the Treasury Select Committee could well have the same consequence.

This Inquiry follows on from the Financial Stability Board – the international watchdog chaired by Bank of England Governor, Mark Carney – unveiling a report over summer that determined Bitcoin and other cryptocurrencies do not pose a risk to the global financial system.

Cryptocurrencies… welcome to the mainstream.

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