Cryptocurrencies

Lord Bishop of St Albans Excerpts

Tuesday 20th December 2022 Lords Chamber

[Lord Harlech (Con)]

I certainly hope that I am not laying the foundations for the next financial crash. This Question is specifically about crypto assets, not shadow banking.

[The Lord Bishop of St Albans]

My Lords, following the collapse of FTX there is great concern at just how volatile this sector is. Many young people presume that, because it is called a currency, it is more stable than it really is. I am told that, if you go online, you will find young people talking about eye-watering amounts of money that they have made and others have lost. What are His Majesty’s Government doing to educate younger people about proper investment understanding, so that they are aware of the risks they are taking if they enter this market?

[Lord Harlech (Con)]

The right reverend Prelate makes an excellent point. HMT is working closely with the FCA so that the risks involved in investing in this asset class can be clearly and explicitly conveyed to anyone who is thinking of making this type of investment.