Crypto Currencies

Lord Foulkes of Cumnock Excerpts

Monday 28th February 2022 Lords Chamber

[Baroness Penn (Con)]

It is probably worth trying to distinguish between different forms of crypto assets: unbacked crypto assets such as bitcoin can be highly volatile and speculative, and are therefore being regulated by the Financial Conduct Authority in terms of promotions; stablecoins tied to a reference asset could be used as a widespread means of payment and potentially deliver improvements in cross-border transactions; and the underlying blockchain technology could have a number of benefits, improving the efficiency of the settlement processes and reporting and enabling greater automation. So, it really is a question of a having a slightly more nuanced view of these different assets and regulating them appropriately.

[Lord Foulkes of Cumnock (Lab Co-op)]

In one part of the United Kingdom, the Scottish National Party cannot make up its mind even on the existing currency and—if it were, unfortunately, to move towards independence—whether to accept the pound, move to the euro or go back to the groat. Is that not an extra reason why we should all be saying to Ms Sturgeon and her mob that they should concentrate on delivering services in the devolved areas and forget about their independence campaign?

[Baroness Penn (Con)]

My Lords, whenever the noble Lord stands up, I either strongly agree or strongly disagree with him; in this case, I strongly agree.