UK diverts its attention towards the development of stable coins
Queen Elizabeth see’s a lot of potential in the crypto market around the globe. Since the inception of crypto currencies in the world, UK has keenly observed the market. Last week, Prince Charles announced on behalf of Queen of England legislative measures and listing the measures which were also presented to the members of the parliament. In the measures, emphasis was given to cryptocurrencies. The crypto market is predicted to cause a stunning improvement in UK’s financial sector in the coming months.
Stablecoins and it’s journey in UK.
In January last year, a proposal was made to bring stablecoins under the regulatory jurisdiction of United Kingdom. In spite of the disastrous crypto implosion, the parliamentary body is sticking to its plan and going ahead with new legislations in UK to facilitate stable coins as well as cryptocurrencies. UK envisions in establishing world’s leading regulatory body for stablecoins.
UK unaffected by Crypto market’s pandemonium!
On Thursday, last week, the crypto market imploded to such an extent were, nearly $300 billion was disappeared. Since, the implosion, there have been a lot of skepticism in regards to crypto market and its existence. But UK has made a bold decision of sticking by its plan to enable stablecoins and crypto currency in the country irrespective of the market crash. UK have gone to the extent of declaring stablecoins when used as a means of payment, will be added in Financial services and Markets Bill.
Regulatory Framework to forgo crimes related to crypto.
UK government also emphasized on ethical trading. They are constructing a regulatory framework and taking necessary measures to reduce the crimes related to crypto as much as possible. These measures will mainly deal in curbing economic crime, unethical trading and supporting commercial growth.
The Dream – Crypto Leader of the world.
As on date, US is the country that primarily engages in crypto currency trading and dealing. But UK dreams of establishing a market for crypto that it becomes the leader for crypto market someday. In its pursuit to dominate crypto market, UK also announced that it has intentions to create its own Non-Fungible Token (NFT). One of the government’s official Glen stated that “Sunak has asked the Royal Mint, the government owned institution responsible for minting UK coins, to develop and issue NFT before the summer.”