Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of reports that the value of crypto-currencies in the United States is falling, and of the potential effects that such a decline might have on the UK blockchain industry.

The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market.

The Chancellor of the Exchequer launched the Cryptoassets Taskforce in March, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority. The Taskforce is considering the risks and potential benefits of cryptoassets and other applications of distributed ledger technology in financial services, as well as assessing what, if any, regulation is required in response. The Taskforce will publish a report in the Autumn.