Wiser! Essay: The UK Gov wants to become a global hub for cryptocurrency and digital assets. This means new payment laws for stablecoins, issuing treasury bonds as digital assets, and creating an NFT to the "forward looking approach of the UK."
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UK To Embrace The Crypto Economy
The UK has announced plans to embrace cryptocurrency and become a"a global hub for digital payments”. This comes as authorities in the US and Europe also consider drawing up rules for crypto regulation.
The UK government is to update payment laws to include stablecoins and encourage issuers and service providers to operate and grow in the UK.
Stablecoins are typically tied to the US dollar or a commodity such as gold. This makes the crypto less volatile than normal cryptocurrencies like Bitcoin and Ether.
There are more than 200 stablecoins, and two of the biggest are Tether and USD Coin. Stablecoins are often used to pay fees on cryptocurrency trading exchanges or send payments across borders.