Cryptocurrencies

Treasury written question – answered on 23rd March 2021.

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Photo of Andrew Bridgen Andrew Bridgen Conservative, North West Leicestershire

To ask the Chancellor of the Exchequer, whether the energy being using to mine cryptocurrency will be discussed at COP26; and whether further regulation on that matter will be on the COP26 agenda.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.

The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation & resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.

The Government has already taken actions to signal a commitment to green technology, including a pledge to make Taskforce on Climate-related Financial Disclosures (TCFD) aligned financial disclosures mandatory across the economy by 2025, making the UK the first G20 nation to make such a commitment.

Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities

The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority , and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.

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