Tue 05 April 2022:
The U.K. government on Monday announced a series of initiatives toward its goal of making the country a global center for crypto technology and investments.
“The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” Chancellor of the Exchequer Rishi Sunak said in a press release.
“It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” said finance minister Rishi Sunak.
“We want to see the businesses of tomorrow — and the jobs they create — here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.”
Sunak has also commissioned the Royal Mint, Britain’s official coin producer, to create a non-fungible token (NFT).
“The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for crypto-asset technology and investment,” said a Treasury statement.
Stablecoins will be regulated as part of a package of measures aimed at keeping the UK finance sector on the “cutting edge” of technology.
“Appropriate regulation… could provide a more efficient means of payment and widen customer choice,” in the sector the Treasury noted.
Stablecoins do not experience the price swings that cryptocurrencies like Bitcoin have seen since they are backed by one or more national currencies with a nearly fixed rate of exchange.
The Treasury is also looking into methods to improve “the competitiveness of the UK tax system to encourage further development” of the market.
The thriving cryptocurrency industry, as well as its expanding economic significance, is being keenly monitored around the world.
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