Cryptolytx given the green light to support the FCA in their qualitative research into digital assets

Cryptolytx is supporting the FCA with its research into digital assets. Responding to the HM Treasury’s Consultation Paper on the Digital Pound, concentrated research into a CBDC is required. While the FCA have an internal research team, they have required specialists and experts in the digital asset industry to assist with this research. 

Cryptolytx will engage with the digital asset and De-Fi industry, collecting relevant information regarding behaviours and trends. This vigorous, comprehensive analysis will support and guide the FCA and sectors of the financial industry as the nation moves towards digital assets. 

Cryptolytx is a content media company that was established to enable critical thinking. Ketan Makwana, Chairman of Cryptolytx, stated; “Our goal is to provide content that helps our audiences get to the ‘heart of the matter and really understand what it means to them, their clients and their industry; we have been developing a robust network of experts and advocate partners.” 

A collaboration between Cryptolytx and the FCA can ensure that financial institutions in the UK are prepared and knowledgeable about new technologies, such as the digital pound. Cryptolytx is platforming itself as a platform that is rich in expertise and knowledge. 

Proficiency and understanding of digital assets is becoming critical. The UK is currently preparing to introduce a central bank digital currency (CBDC). Colloquially being dubbed the ‘BritCoin’, it will undoubtedly change the landscape of payments, tax, and banking. Makwana says; “With China already piloting and the European Central Bank declaring that Central Banks across all economies need to onboard CBDCs much work needs to be done around ethics, best practices and a framework around regulations and policies.”

Cryptolytx will be studying the behaviours of digital assets and assessing what this could mean for the future of the innovative technology in the UK. 

In February, the Bank of England released an article stating that a digital pound is likely to be needed to be able to fulfil its mission. As the UK is moving into digital payments as well as embracing new forms of money, a CBDC is being recognised as a tool to keep financial stability. They declared; “The Bank of England and HM Treasury judge there is likely to be a future need for, and benefits from, a digital pound.” 

In regards to data protection and privacy, a consultation paper released by the Bank of England proposed that; “the digital pound is at least as private as current forms of digital money, like the money in a commercial bank account or e-money. Digital pound users will be able to make choices about the way their data is used,” addressing a commonplace apprehension felt by the general public. 

Cryptolytx’s project delivery for the FCA can be expected by June 2023.  

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