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On 6 August 2014, the UK announced its Treasury had commissioned a study of cryptocurrencies, and what role, if any, they could play in the UK economy. The study was also to report on whether regulation should be considered. Its final report was published in 2018, and it issued a consultation on cryptoassets and stablecoins in January 2021. Some people are confused about what makes cryptocurrency valuable and what makes it efficient as a means of storing and transferring value. Cryptocurrencies are also sometimes known as “altcoins” – short for alternative coins. Instead, the Bitcoin system uses ‘blockchain’ technology to record transactions and the ownership of bitcoins. This is essentially technology that connects groups of transactions (‘blocks’) together over time (in a ‘chain’). Understanding Cryptocurrencies These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publisher...