{"id":4043,"date":"2018-10-31T15:39:31","date_gmt":"2018-10-31T14:39:31","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4043"},"modified":"2018-12-12T17:06:38","modified_gmt":"2018-12-12T16:06:38","slug":"uk-taskforce-adds-to-cryptocurrency-confusion","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2018\/10\/31\/uk-taskforce-adds-to-cryptocurrency-confusion\/","title":{"rendered":"UK taskforce adds to cryptocurrency confusion"},"content":{"rendered":"

Global policymakers are struggling to achieve a consistent approach to defining and regulating cryptocurrencies. A new report from the UK government illustrates the problem in microcosm.<\/p>\n

On October 29 the UK Treasury (Ministry of Finance), the Bank of England and the Financial Conduct Authority (FCA) issued a joint cryptoassets taskforce final report<\/a>.<\/p>\n

In the report, the taskforce says it aims to lay out \u201ca clear path to establish the UK\u2019s policy and regulatory approach to cryptoassets and distributed ledger technology\u201d.<\/p>\n

However, when it comes to the use of cryptoassets as a payments medium, the government\u2019s approach appears inherently self-contradictory.<\/p>\n

For example, on the one hand the UK taskforce refuses to award cryptocurrencies like bitcoin the status of money. In the report, the taskforce says it regards bitcoin and similar instruments as \u2018exchange tokens\u2019.<\/p>\n

\u201cExchange tokens such as bitcoin or litecoin can be used to enable the buying and selling of goods and services, but are not considered to be currency or money,\u201d the report\u2019s authors say.<\/p>\n

This stance reiterates the position of the UK central bank, whose governor spoke out earlier this year against the acceptance of cryptocurrencies as money.<\/p>\n

In March, Mark Carney\u00a0said that cryptocurrencies fail to meet three textbook definitions<\/a>: in his opinion, they are poor stores of value, inefficient and unreliable media of exchange and virtually non-existent units of account.<\/p>\n

Carney\u2019s comments have recently been echoed by the head of the Bank of International Settlements<\/a> and the former chairwoman of the US Federal Reserve<\/a>.<\/p>\n

But while denying the cryptocurrency the status of an official payments medium, UK government officials say that any exchange of cryptoassets for goods or services may bring them, or the entities involved in arranging or hosting payments, within the scope of regulation.<\/p>\n

First, says the taskforce, if used as a means of exchange, cryptoassets are likely to meet the definition of \u2018e-money\u2019.<\/p>\n

E-money, according to UK law, is electronically stored monetary value used to make payment transactions. E-money must be accepted as a means of payment by a person other than the e-money issuer, and it includes pre-paid cards and electronic pre-paid accounts for online use.<\/p>\n

On this definition, cryptocurrencies appear within scope.<\/p>\n

And, says the taskforce, if cryptoassets are used to facilitate a \u2018regulated payment service\u2019, as defined in the UK\u2019s 2017 Payment Services Regulations, they will also be treated as money.<\/p>\n

In UK law, regulated payment services cover an apparently exhaustive range of operations relating to the transfer of value.<\/p>\n

For example, such payment services include: enabling cash to be paid into or withdrawn from an account and operating a payment account; executing payment transactions, such as direct debits, credit transfers and card payments; issuing payment instruments, such as credit or debit cards; acquiring payment transactions; remitting money; and providing account information services or payment initiation services.<\/p>\n

Policymakers\u2019 refusal to label cryptocurrencies as money also leads to some tortured reasoning.<\/p>\n

For example, says the taskforce, if cryptoassets such as bitcoin are used as an intermediary in cross-border transactions (for example, in a trade from sterling via bitcoin to US dollars), the cryptocurrency leg of the transaction may disappear from the regulator\u2019s sights.<\/p>\n

\u201cAspects of such services will be regulated as money remittance under the Payment Services Regulations, although this will not include the cryptoasset part of the transaction,\u201d says the taskforce.<\/p>\n

\u201cThere is a real policy tension. Governments hype blockchains.\u201d<\/p><\/blockquote>\n

The UK government\u2019s policy framework for cryptocurrencies appears emblematic of a broader schizophrenia about this new technology.<\/p>\n

\u201cThere is a real policy tension,\u201d says Ross Anderson<\/a>, a professor of computer science at Cambridge University. \u201cGovernments hype blockchains.\u201d<\/p>\n

At the same time, says the UK government, cryptocurrencies\u2019 broader acceptance could trigger a wave of crime.<\/p>\n

\u201cCryptoassets pose risks around criminal activity such as money laundering and terrorist financing because of their accessibility online, their global reach and their pseudo-anonymous nature,\u201d the taskforce says in its report.<\/p>\n

According to the report\u2019s authors, since 2017 UK law enforcement authorities have increasingly identified cases of cryptoassets being used to launder illicit proceeds of offline crime.<\/p>\n

And, says the taskforce, the risks of cryptoassets being used in money laundering are expected to grow as they become increasingly accessible.<\/p>\n

Money in all but name: if the UK taskforce\u2019s new report is anything to go by, those hoping for regulatory clarity regarding bitcoin and other cryptocurrencies face a long wait.<\/p>\n","protected":false},"excerpt":{"rendered":"

Global policymakers are struggling to achieve a consistent approach to defining and regulating cryptocurrencies. A new report from the UK government illustrates the problem in microcosm. On October 29 the […]<\/p>\n","protected":false},"author":3,"featured_media":4048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1012,1053,1027,1014],"tags":[1224,1085,1034,1222,1228,1225,1229,1230,1020,1227,1226,1231,1223],"class_list":{"0":"post-4043","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-featured-1","9":"category-our-picks","10":"category-payment","11":"tag-bank-of-england","12":"tag-bis","13":"tag-bitcoin","14":"tag-cryptoassets-taskforce","15":"tag-federal-reserve","16":"tag-financial-conduct-authority","17":"tag-janet-yellen","18":"tag-litecoin","19":"tag-mark-carney","20":"tag-medium-of-exhange","21":"tag-payment","22":"tag-ross-anderson","23":"tag-uk-treasury"},"yoast_head":"\nUK taskforce adds to cryptocurrency confusion - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2018\/10\/31\/uk-taskforce-adds-to-cryptocurrency-confusion\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK taskforce adds to cryptocurrency confusion - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Global policymakers are struggling to achieve a consistent approach to defining and regulating cryptocurrencies. 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