On Monday, the U.K. said that stablecoins “could be a more efficient way to pay and give people more options,” but the news didn’t go over well with people.
The U.K. says it will ease rules on crypto and let stablecoins be used as a form of payment.
This is what Rishi Sunak wants for Britain: to become “a global center for cryptoasset technology and investment.”
One of the most interesting parts of his announcement is that the Royal Mint, which is in charge of making new coins in the UK, is going to make its own non-fungible token this summer.
A financial market infrastructure sandbox will be set up to make sure digital asset companies can keep coming up with new ideas.
Sunak said he wants to give businesses the confidence to make long-term investments in the UK after Brexit, adding: I want to give businesses the confidence to make long-term investments.
“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”
It said Monday that stablecoins could be a more efficient way to pay and give more people a choice. Under the government’s plan, private issuers would be able to work if they met certain requirements.
During a two-day meeting in May, the country will also try to get the crypto industry’s help. That’s going to be led by the Financial Conduct Authority, a City watchdog that has been very critical of digital assets as an investment and was recently slammed for how it handled a process for crypto businesses to get registered to do business in the City.
The Government has been Criticized for Its Crypto Push.
It’s clear that crypto enthusiasts are happy with the UK’s new policy, but it didn’t go over well with most people.
Some British families are forced to choose between eating and heating their homes, and many people on Twitter wondered why Sunak was so interested in NFTs when some families have to choose between eating and heating their homes.
Tuliq Siddiq, a Labour MP and a member of the Opposition, agreed that the U.K. needs a plan to take advantage of the benefits of blockchain technology. Sunak’s new policy, on the other hand, was called a “gimmick.” She said:…
“Under this government, crypto firms linked to criminal gangs have been left to trade freely. It’s time to regulate the sector.”
Monday also saw Bank of England Governor Andrew Bailey say that cryptocurrencies are the new “frontline” in criminal scams, and he slammed the major exchanges for not putting sanctions on people who try to do bad things with them.