UK unveils plan to make it a 'global hub' for crypto; stablecoins, NFT on radar
cnbctv18.comIn a bid to become a “global hub” for the cryptocurrency industry, the UK government announced a suite of measures on April 4, including a proposal to mint its own non-fungible token (NFT) and bringing in new regulations for stablecoins.“The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” Rishi Sunak, Chancellor of the Exchequer, said in a press note.Also read: SEC seeks to control crypto trading in the guise of investor protectionOne of the first steps by the government will be to bring stablecoins into the UK payments system, Sunak’s statement and comments by city minister John Glen revealed.Speaking at the Global Finance Summit, Glen said the government was taking a number of steps to bring stablecoins under regulatory scrutiny and making them comply with existing payment rules. “We see enormous potential in crypto,” Financial Times quoted Glen as saying.Also read: Bank of England sketches out regulatory approach to cryptoStablecoins are cryptocurrencies that are pegged to a fiat currency such as the dollar, which gives them a stable value as compared to the Bitcoin and other digital tokens.
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