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Bitcoin

HM Treasury written question – answered on 28th November 2014.

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Photo of Stephen Timms Stephen Timms Shadow Minister (Work and Pensions)

To ask Mr Chancellor of the Exchequer, what his policy is on attracting companies that develop bitcoin technology to locate in the UK.

Photo of Stephen Timms Stephen Timms Shadow Minister (Work and Pensions)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the ability of companies dealing with bitcoin to open a bank account.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

Earlier this year, the Chancellor set out plans to make Britain the global centre of financial innovation, benefitting consumers and businesses, including a major programme of work looking at the benefits and risks of digital currencies, and to look into whether they could or should be regulated.

On 3 November, the Treasury published a Call for Information on digital currencies. This Call for Information asks whether there are currently barriers to digital currency businesses setting up in the UK, and the Government will consider access to UK bank accounts as part of this.

In October, the Financial Conduct Authority launched its Innovation Hub to provide support to innovative businesses. It has identified helping innovators access bank accounts as a key priority.

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