Bitcoins and Virtual Currency

Meeting: 
MQT on 2014-09-17
Session date: 
September 17, 2014
Reference: 
2014/3498
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

What risks and opportunities do you foresee for the City of London from the growth of virtual currencies? Are there any regulatory steps you would like to see taken at a UK level to ensure these currencies are not used for money laundering and terrorist financing?

Answer

Answer for Bitcoins and Virtual Currency

Answer for Bitcoins and Virtual Currency

Answered By: 
The Mayor

I want London to remain the global hub for finance, and that means staying at the forefront of new innovations, such as digital currencies.  Digital currencies are an innovation it its infancy, but I am aware that the Financial Conduct Authority is looking into the appropriate regulatory framework, which I support.