Crypto Asset Technology

Viscount Stansgate Excerpts

Thursday 21st July 2022 Lords Chamber

[Baroness Penn (Con)]

The Government are considering some form of regulation; that is why we are consulting on it later this year. My noble friend is absolutely right that financial stability is one consideration that we have to bear in mind when looking at this market.

[Viscount Stansgate (Lab)]

My Lords, if the Government are to consult on this area later this year, can the Minister give the House an undertaking that they will consult scientific bodies such as the Council for the Mathematical Sciences or the Institute of Mathematics and its Applications? Underlying cryptocurrencies is a very complicated system of mathematics and, to be quite honest, I would challenge any Member of the House easily to be able to explain the nature of what a cryptocurrency is.

[Baroness Penn (Con)]

My Lords, I am glad the noble Viscount did not challenge me to explain the intricate details that lie behind crypto assets. The consultation will be public and we will make sure we engage a wide range of experts in the area to ensure that we are best informed of the way forward.