Announced by Bim Ofolami, UK government Economic Secretary to the Treasury.
In brief:
- This announcement follows the publication of the Centre for Finance, Innovation and Technology's (CFIT’s) Blueprint report in February which recommended such a task force.
- The minister also stated they would need a “payments landscape where open banking can thrive” which he states they will do through the National Payments Vision which they will publish by summer recess.
- Ofolami stated once this legislation goes live, a range of cryptocurrency activities including operating an exchange and taking in customers assets will come within the regulatory perimeter.
What does this mean?
Ofolami said “The taskforce will craft a clear set of recommendation, pinpointing the data sets of commercial incentives necessary to drive forward CFIT’s SME lending use case.”
He said “Government can only do so much. I am not from the school of thought that thinks great innovation comes from people like me, it comes from you.”
