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Digital Currencies Could Become Part Of UK Finance Landscape

4/02/2015 by Sharon Shahzad

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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.

This article has been extracted from http://www.misco.co.uk, please click on this link to read the article in full http://www.misco.co.uk/blog/news/02679/digital-currencies-could-become-part-of-uk-finance-landscape

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP Recruitment, BI & Data Recruitment, Information Security Recruitment, IT Architecture & Strategy Recruitment , Energy Technology Recruitment, Demand IT and Business Engagement Recruitment, Digital and E-commerce Recruitment, Leadership Talent, Infrastructure and Service Delivery Recruitment, Project and Programme Delivery Recruitment.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

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