The British Treasury announced plans to legalise stablecoins. The department intends to gradually recognise them as a lawful means of payment.
“Stablecoins are a type of crypto asset whose value is typically pegged to fiat currencies, such as the dollar, and remain stable. With proper regulation they can become a more efficient form of payment and broaden consumer choice,” officials said.
In addition, The Royal Mint, owned by the Treasury, will issue its own NFTs. The move is intended to signal the UK’s crypto-friendly jurisdiction, the Treasury said.
“Chancellor Rishi Sunak has tasked the Royal Mint with issuing NFTs this summer. This decision signals a forward-looking approach that we intend to adhere to in our work with cryptocurrencies in the United Kingdom.”
In addition to regulatory acts, the Treasury will open an “infrastructure sandbox for the financial market.” It will allow industry players to experiment and innovate, and “will boost the competitiveness of Britain’s tax system,” the ministry said.
Earlier in March, the FCA said it was investigating 50 crypto-industry companies. Not long before that, the regulator announced its intention to ban the operation of Bitcoin ATMs.
Subscribe to ForkLog news on Telegram: ForkLog Feed — all the news, ForkLog — the most important news, infographics and opinions.