Chancellor of the Exchequer, Rishi Sunak, has announced his ambition to make the UK a global hub for crypto-asset technology, in a move that’ll see some cryptocurrencies called stablecoins recognised as a valid form of payment.
Unlike Bitcoin, which is a private, decentralised digital currency, stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity such as gold. For example, Tether is the largest stablecoin current market value of nearly $70 billion. Others include Dai and Binance USD. However, the Treasury has not yet confirmed which stablecoins will be regulated.
After a consultation in January, where the government said that stablecoins could pave “the way for faster, cheaper payments, making it easier for people to pay for things or store their money,” it now intends to legislate them within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK.
Commentator and investor on the future of finance and technology, Simon Dixon, who runs the global online investment platform Bank To The Future, told The Epoch Times that countries all around the world for the last 10 years “have been trying to figure out how to support or eliminate our industry.”
Dixon’s platform has, to date, invested $825 million in the crypto sector. He said that who benefits from the process of creating money and stable coins is up for grabs.
“Now all these different players said we should create stable coins but who creates
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