Britain unveils fintech task to explore cryptocurrency ecosystem

Britain announced a task force on Thursday to explore technologies in support of cryptoassets, such as bitcoin and other cryptocurrencies as part of a new plan to help fintech companies find more customers. UK finance minister Philip Hammond is committed to helping fintech grow in domestic and global markets.

"The new task force will help the UK to manage the risks surrounding cryptoassets and capitalize on the potential benefits of the underlying technology," Hammond said.

Britain has become a major center of fintech and wants to convince other sectors post Brexit. The EU has also stepped up efforts to become a more attractive place for fintech companies. French Finance Minister Bruno Le Maire plans to create a legal framework to raise funds through cryptocurrency and become a leading center for bitcoin.

The new industry standard will allow fintech companies to work with traditional banks to more easily offer complex services and reach more customers. UK financial services minister John Glen said about the interim report on cryptoassets.

"The regulation could be an enabler of the stable cryptocurrency sector, growing up.We still see great power and I hope it continues.In fintech we watch global opportunities," Glen said.

Industry and government will create a common platform to remove the obstacles faced by the fintech company that governs the new system. Hammond and Australian Finance Minister Scott Morrison will sign a "fintech bridge" agreement to help UK-based fintech companies sell products and services in Australia and promote cooperation.