The Treasury Committee of the UK Parliament will be launching an inquiry into cryptocurrencies and their effect on UK investors and businesses, BBC reports today, Feb. 22.

The inquiry was prompted by the rising interest in cryptocurrencies,

Nicky Morgan, Chair of the Treasury [cryptocurrencies] are currently unregulated in the UK "But they do not want to hinder the innovation of the Blockchain technologies behind digital currencies.

Morgan told BBC:

"The Treasury Committee would look at the potential risks that could be generated by consumers, businesses, and governments, including those relating to volatility, money laundering , and cyber-crime.We would also consider the potential benefits of cryptocurrencies and technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of

BBC writes that the committee will explore what they see the key questions of crypto, if it could ever replace

In the interest of regulation, the committee will hear evidence

The House of Lords, Britain's Upper House of Parliament, had been researched in the United States.

Bank of England (BoE) Governor Mark Carney said on Feb. 20 that while cryptocurrency has " failed " as a currency in his opinion, Blockchain technology " may still be useful " for financial transactions.

The Idea of ​​having Blockchain Without Cryptocurrencies had been brought to the World Economic Forum in Davos in 2016. Crypto investor and founder of Cryptocash Guido Rudolphi said that companies that use Bitcoin (BTC) without Bitcoin technology will fail.

In November 2017, UBS Chairman Axel Weber said that Blockchain without cryptocurrencies can be useful for banks, for it retains their monopoly on currency but still gives them access to new technologies.