The UK has issued a set of important guidelines, which define the crypto sector that thrives among its citizens. As part of its latest announcements, stablecoins have been recognized as an official method of payment in the UK. Stablecoins, such as Tether and Binance USD, are crypto assets pegged to reserve assets such as gold or fiat currencies. Therefore, even if the crypto market is down, they can still see gains due to the performance of its underlying asset.
The British government launched consultations on crypto assets and stablecoins last year, the results of which were announced by UK Economic Secretary John Glenn at a global finance summit.
An official blog post stated, “The government intends to bring stablecoins – where used as a means of payment – within the payments regulatory ambit, to stablecoin issuers and service providers operating in the UK.” creates conditions for investing and investing.
TECH & GADGETSThe UK recognized stablecoins as a valid form of payment; Chancellor Rishi Sunak orders official, tradable NFTsPublished 4 hours ago on April 5, 2022By IndianLekhak Editor
The UK has issued a set of important guidelines, which define the crypto sector that thrives among its citizens. As part of its latest announcements, stablecoins have been recognized as an official method of payment in the UK. Stablecoins, such as Tether and Binance USD, are crypto assets pegged to reserve assets such as gold or fiat currencies. Therefore, even if the crypto market is down, they can still see gains due to the performance of its underlying asset.
The British government launched consultations on crypto assets and stablecoins last year, the results of which were announced by UK Economic Secretary John Glenn at a global finance summit.
An official blog post stated, “The government intends to bring stablecoins – where used as a means of payment – within the payments regulatory ambit, to stablecoin issuers and service providers operating in the UK.” creates conditions for investing and investing.
Rishi Sunak, the Chancellor of the British Exchequer, has ordered the creation of tradable, government-backed NFTs as part of his plan to turn the UK into a global crypto hub. Sunak has ordered the Royal Mint to produce these blockchain-based digital collectibles.
The Royal Mint produces coins for the UK and is wholly owned by Her Majesty’s Treasury.
,[We are] Working with the Royal Mint on a non-fungible token (NFT) this summer is a symbol of the UK’s forward-looking approach,” Sunak said. “It is my ambition to make the UK a global hub for crypto asset technology, and today The measures we have outlined will help ensure that firms can invest, innovate and expand in this country.”
The British government is looking to set up a financial market infrastructure (FMI) called ‘Sandbox’ that will enable firms to experiment and innovate in providing infrastructure around crypto services.
To speed up the discussion on crypto assets, the UK has decided to host a ‘CryptoSprint’ event with industry participants. The two-day conference will bring together crypto insiders to provide insights on the crypto asset regime of the future.
“The Economic Secretary will set up and chair a Crypto Asset Engagement Group, which will convene regulatory authorities and leading industry figures to advise the government on issues facing the crypto asset sector,” the blog post said.
UK financial watchers have expressed persistent concern about the economic instability that could occur following large-scale exposure to the UK cryptocurrency.
Previously, the Bank of England (BOE) requested that special attention should be paid to mitigating the risks of crypto misuse for financial distortion, money laundering and other illegal activities that these decentralized and mostly untraceable virtual assets facilitate.