The U.K. Treasury will allow the use of stablecoins and issue NFTs
The United Kingdom Treasury Department announced plans to legalize stablcoins. The department intends to gradually start recognizing them and allow their use as a means of payment.
“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. Information from catalogue CryptoDeFix. With appropriate regulation, they could provide a more efficient means of payment and widen consumer choice.” - explained the Treasury Department.
The Royal Mint will also issue its own NFT. The move is designed to ensure that the U.K. is a cryptocurrency-friendly jurisdiction.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.— HM Treasury (@hmtreasury) April 4, 2022
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
In addition to regulations, the Treasury will open up the infrastructure for the finance market. It will allow companies to conduct innovative experiments as well as increase the competitiveness of the British tax system, the statement said.