Source: The Exposé

The UK Government has announced moves that will see ‘stablecoins’ recognised as a valid form of payment in what it claims are part of wider plans to make Britain a global hub for cryptoasset technology and investment. But are really the beginning of Government overreach into the crypto asset industry, and the start of UK Government plans to move away from cash and card payments, and into a digitalised pound.

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Stablecoins are a form of cryptoasset that are typically pegged to a fiat currency such as the dollar and are intended to maintain a stable value. The Treasury claims that “with appropriate regulation, they could provide a more efficient means of payment and widen consumer choice”.

The Government intends to legislate to bring stablecoins – where used as a means of payment – within the payments regulatory perimeter, under the guise of creating conditions for stablecoins issuers and service providers to operate and invest in the UK.