Digital currencies should become part of the UK's payments and finance landscape, says a new report by the British Banker's Association (BBA).
The BBA issued the report following the government's 'Call for Information' on digital currencies in November 2014, which called on individuals, businesses and other organisations to furnish it with the 'necessary information' to fully understand digital currencies. The request entailed 13 questions, which included the potential benefits of digital currencies and government involvement, Treasury Insider reports.
In its report the BBA, which is the leading group representing the UK's biggest banks, said that, should the risks associated with cryptocurrencies (such as volatility and potential crime) be sufficiently addressed, bitcoin and its counterparts could become a major feature in the UK's payments and finance landscape.
The UK Digital Currency Agency Association (UKDCA) also offered its response to the request for information. It submitted a 46-page response, created in collaboration with the Payments Council, which stated that digital currencies should be regulated in the same way as foreign exchange and gold. The association recommended that regulatory oversight is kept to a minimum, saying that over-regulation could stifle innovation.
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