When Cryptocurrencies took their baby steps nobody was ready to empower it. But now countries are lining up & showing great interest to adopt the Crypto as a legal tender. And everyone is considering Crypto to be the next future. At present the United Kingdom, which is best known for its Stable Economy, arts and Culture are in the plan of adopting the Cryptocurrency.
In this article, we are getting a dive into the United Kingdom’s acceptance of Cryptocurrency and why they framed the regulations on stable Coin for payments.
The Economic Secretary of the Treasury of U.K John Glen said that, If Crypto is going to be a big part in future and then we, UK, want to be in and on the Ground floor. In this attempt to convey that the UK should be the main pillar for Stable Coin for Payments to the coming future.
The United Kingdom’s Economic and Finance Ministry has said that they are building a framework on Stable Coins as the means of payments. HM Treasury said that they have a great potential to spread in a wider way in means of payment for retail customers in the United Kingdom following the consultation with various organizations & Universities. Keeping these things in mind the United Kingdom are very much focused in-order to bring the frameworks on the Stable coin shared on Monday in an announcement.
The Finance Ministry said that the main reason is amending the regulatory framework on stable Coin payments as means of payments is to incorporate the Crypto assets and Blockchain into the United Kingdom. The government body also announced Crypto Asset Engagement Group to mingle with the industry in order to explore how the Crypto currency tax system could encourage the Crypto market establishing a “financial market infrastructure sandbox” aimed at innovative rules, and also in the plan of introducing the Non-fungible Token(NFT).
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