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- The British Crypto and Digital Assets All Party Parliamentary Group published the document.
- Dr. Lisa Cameron, a Member of Parliament, leads the APPG.
While there are potential benefits associated with central bank digital currencies (CBDCs), the UK government must thoroughly evaluate and strive to mitigate any risks associated with the creation and potential implementation of the proposed digital pound.
This is particularly crucial “in relation to financial stability, privacy, and security risks,” as stated in a report issued by the British Crypto and Digital Assets All Party Parliamentary Group (APPG) on Monday.
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Vision for the UK to Become Global Hub
To enhance policy-making, Members of Parliament and Lords in the UK Parliament form an independent, cross-party entity known as the All-Party Parliamentary Groups (APPGs). The report advised the government to take measures to ensure that the introduction of any future digital pound does not hinder innovation within the private sector.
The 52-page document titled, “Realising Government’s Vision for the UK to Become a Global Hub for Cryptocurrency & Fintech Innovation,” presents the findings of the investigation conducted by the Crypto and Digital Assets APPG regarding the state of the digital assets market in the UK last year.
Dr. Lisa Cameron, an MP, oversees the Crypto and Digital Assets All-Party Parliamentary Group, which convenes to discuss and explore issues related to digital currencies and assets. The Crypto APPG undertook an inquiry into the necessity for regulation within the crypto industry and gathered input from operators, regulators, experts, and the general public.
Furthermore, the group organized several public testimony sessions in Parliament, where specialists provided insights on the critical factors the government must consider to achieve its vision for the sector.
