The UK government is preparing to launch a stablecoin Designed to make final interbank payments for bulk goods (wholesale). This was confirmed by Andrew Griffiths, the Treasury’s economic affairs secretary, on Tuesday morning. during a hearing on this matter.
The hearing dealt with the Financial Services and Markets Act, where, among other topics, aspects of this law related to Digital currencies.
Griffith stated that in the race for cryptocurrency, where United kingdom Plans to launch a digital currency worth central bank (CBDC), you may first see a file stablecoin Issued by a private actor, backed by legal order and used by banks.
Cryptocurrency regulations and stablecoins Coming to the UK
When asked about his cryptocurrency plans for 2023, the minister said:
“We want to create a digital currency stable payments system that encourages innovation and we want to ensure that consumers are well informed on how to properly promote crypto assets. […] I want to see that we establish a system in this act so that wholesale payments can be made using stablecoins.”
He also confirmed that they were seeking more regulation to make the UK a crypto-focused financial hub:
“It would be very wrong for the UK not to pursue this opportunity and ensure we have a well-calibrated regulatory response to protect consumers, but not prevent safe uses of this technology.”
He also stated that the legislation would be presented in the coming weeks and that the government could submit it to popular consultation.
Previously, last December, the Treasury Office announced its intention to create a regulation on stablecoins, As reported by BeInCrypto.
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